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.
Based on financial obligations and legal implications, a lender might investigate a borrower’s assets if that borrower is part of a General Partnership.
This is because General Partnership is a type of partnership in which individuals involved are share in all partnership assets, profits, financial and legal liabilities, including debts of a partnership business.
Thus, a lender who wants to know and understand the financial implication of the borrowers would like to investigate a borrower’s assets if that borrower is part of a General Partnership.
Hence, in this case, it concluded that the correct answer is "General Partnership."
The available option are:
General partnership
Corporation
Limited partnership
REIT
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