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19 October, 14:29

A lender might investigate a borrower's personal assets if that borrower was part of which of the following organizations?

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  1. 19 October, 14:58
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    A lender might investigate a borrower's personal assets if that borrower was part of which of the following organizations?

    General partnership

    Corporation

    Limited partnership

    REIT

    In a general partnership, lender checks the personal assets of the borrower.

    Answer: Option A

    Explanation:

    General partnership means is an agreement in the business in which the partners who are going to enter in the business together will share the assets, profits, liabilities etc of the business all together.

    It is the basic form of partnership under the common law in most of the countries of the world. Here the partners enter into agreement with each other to work for the business together. It is an unincorporated organisation having a proof of existence.
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