BACHELOR OF BUSINESS ADMINISTRATION

BUSINESS ADMINISTRATION

BUSINESS ECONOMICS

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Partnership is owned by a group who also serves as the benefactors of the business.
A
True
B
False
Explanation: 

Detailed explanation-1: -A partnership is a form of business where two or more people share ownership, as well as the responsibility for managing the company and the income or losses the business generates.

Detailed explanation-2: -The partners have a collective responsibility for all the tax of the partnership and for all other partnership debts. The partners may make their own arrangements for division of tasks, responsibility and liability. A partner is not an employee, but rather self-employed. Together, the partners may employ others.

Detailed explanation-3: -Answer and Explanation: The correct answer is C. A partnership firm’s life is restricted to the life of the partners. Eventually, when all the partners die, the partnership firm comes to an end as there is nobody left to look after the business.

Detailed explanation-4: -A partnership is a business owned by more than one person. There are several different types of partnerships, each with different characteristics, benefits, and possible disadvantages. A general partnership is the simplest form of a partnership.

There is 1 question to complete.