Question

A business organizational form in which all general partners actively participate in ownership and management and are liable for all debt and actions, is called

Answer 1

General partnership

Step-by-step explanation:

General partnership is a business organization, whereby two or more partners agrees to share the profit, loss and liability that arises from business operation. What this means is that each partner actively participate in the operations of the business and should the company owe any debt, any of the partners may be sued for the business debt including seizure of the owners assets.

One of the advantages of general partnership is the ease of flexibility to structure their business as they deemed fit hence are able to closely monitor and control operations.