Question

joseph wants to open up a skateboard shop with his cousin billy. he would like for them to own and operate the shop equally. what kind of partnership should he form?
a. family partnership
b. limited partnership
c. general partnership
d. financial partnership

Explanation:

• A general partnership is a business arrangement where two or more partners agree to share ownership, management, and profits equally. This fits Joseph's situation as he and Billy want to own and operate the shop equally.
• A family partnership is a type of general partnership but the term "family" is more about the relationship of partners rather than the legal structure of equal - ownership and operation.
• A limited partnership has at least one general partner and one limited partner. The limited partner has limited liability but also limited management rights, which does not match the equal - operation requirement.
• A financial partnership is not a standard legal form of partnership in business law. It is a rather broad and non - specific term compared to the well - defined general partnership.

Answer:

C. General partnership