$(9)$ Entrepreneurship $|$ Decision Point: Know Your Responsibilities $-$ Google Chrome

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Decision Point: Know Your Responsibilities

If you choose to enter into a general partnership with Larry, which of the following would be true with respect to responsibility for debts of the partnership?

Select an option from the choices below and click Submit.

You and Larry will be proportionally responsible for the debts of the business, depending on how much money each of you invested in the business.

You are personally responsible only for the debts of the business that you incurred. Larry is personally responsible for the debts of the business that he incurred.

You and Larry will be equally responsible for the debts of the business, regardless of how much money each of you invested in the business or who incurred the debt.

Because you have a formal partnership agreement with Larry, neither of you is personally responsible for the debts of the business.

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