Which business structure features two or more owners sharing responsibilities with unlimited personal liability?

The correct answer is the general partnership. In a general partnership, two or more owners (referred to as partners) come together to run a business. One of the key characteristics of this business structure is that all partners share responsibilities for managing the business, along with the profits and losses that arise from its operations.

Additionally, each partner in a general partnership has unlimited personal liability for the debts and obligations of the business. This means that if the business incurs debt or faces legal issues, creditors can pursue the personal assets of any partner to satisfy those obligations. This level of liability distinguishes a general partnership from other business structures where liability may be limited, such as corporations or limited liability companies (LLCs).

Understanding the dynamics of a general partnership is crucial for individuals considering this structure, as the shared responsibility and exposure to personal liability can significantly impact their financial situation and decision-making within the business.