Question on: JAMB Commerce - 2024
A type of partnership in which all partners have unlimited liability and jointly manage the business is known as partnership.
A
Ordinary
B
Nominal
C
Unlimited
D
Limited
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Correct Option: C
An ordinary partnership is a type of partnership in which all partners have unlimited liability and jointly manage the business.
- Unlimited Liability: This means that each partner is personally liable for all the debts of the partnership.
- Joint Management: All partners typically have a say in the management of the business.
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