BACHELOR OF BUSINESS ADMINISTRATION

BUSINESS ADMINISTRATION

FINANCIAL ACCOUNTING

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Which type of business organization consists of two or more individuals equally sharing in all aspects of the business operations, including the splitting of profits and losses?

A	Sole-proprietorship
B	Partnership
C	Limited Liability Corporation
D	Corporation

Explanation:

Detailed explanation-1: -A partnership is an arrangement between two or more people to oversee business operations and share its profits and liabilities.

Detailed explanation-2: -A partnership (or general partnership) is a business owned jointly by two or more people.

Detailed explanation-3: -Partnerships. In a Partnership, two or more people share ownership of a single business. Like proprietorships, the law does not distinguish between the business and its owners.

Detailed explanation-4: -Partnerships–General and Limited A general partnership is an agreement, expressed or implied, between two or more persons who join together to carry on a business venture for profit.

Detailed explanation-5: -Partnership is run by a group of persons wherein decision making authority is shared. Difference in opinion on some issues may lead to disputes between partners.

There is 1 question to complete.