Question

1. what is a partnership where both parties agree to share equally in responsibility and liability? a silent partnership b equal partnership c general partnership d limited partnership 10. the legally bound obligation to pay debts is known as a ______. (license, liability, fringe, benefit)

Explanation:

• For question 9:
• A silent partnership is where one partner is not actively involved in management.
• An equal partnership implies equal sharing in responsibility and liability.
• A general partnership has partners with unlimited liability but not necessarily equal sharing in all aspects as per the question's emphasis on "equally".
• A limited partnership has partners with limited liability.
• For question 10:
• A license is permission to do something.
• Liability is the legally bound obligation to pay debts.
• Fringe refers to extra benefits.
• Benefit is an advantage or gain.

Answer:

1. B. equal partnership
2. liability