The type of partnership in which all partners are jointly liable in bearing risk is?

Assessment: JAMB UTME - Commerce - 2009 Subject: Commerce

Question 1 Report

The type of partnership in which all partners are jointly liable in bearing risk is?
Answer Details
The type of partnership in which all partners are jointly liable in bearing risk is "ordinary partnership". In an ordinary partnership, all partners have unlimited liability and share equally in the profits and losses of the business. This means that each partner is personally responsible for all of the debts and obligations of the partnership, and any one partner can be held liable for the actions of the others. It is important for partners in an ordinary partnership to have a strong level of trust and communication to ensure the success of the business.
Read lesson note on Occupation (JAMB)
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