You are interested in becoming a business owner. You want the freedom to be your own boss but do not want to deal with all of the stress that comes with starting a new business. What type of business ownership makes the most sense for you? >> Partnership

Franchise

Corporation

Sole proprietorship

Partnership

Explanation:

A partnership can be defined as a type of business ownership in which two or more individuals come together to start up a business and share the profits made together.

There are two (2) main classes of partnerships and these includes;

1. General partner: it is a type of partnership in which two or more people come together and have an agreement to do business by sharing profits, assets, debts or financial and legal liabilities.

2. Limited partner: it is a type of partnership in which people come together and have an agreement to do business but the involved partners only contribute financially and solely responsible to the amount of money they invested.

In this scenario, there are several doctors maintaining separate practices such as dentistry, paediatric, gynaecology, etc., in the same building.

Thus, these doctors may have combined their efforts to form a partnership business because they all share in the successful operation of the business and assume liability for any business debt owed.

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