INTRODUCTION TO ENTREPRENEURSHIP
CHARACTERISTICS OF AN ENTREPRENEUR
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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proprietorship
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partnership
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limited liability company
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corporation
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Detailed explanation-1: -A general partnership is a company owned by two or more individuals who agree to run the business as partners or co-owners. Unless otherwise agreed, each partner has an equal share of profits and losses.
Detailed explanation-2: -Joint Venture: A business venture where two or more persons or entities combine their interests in a particular enterprise and agree to share in the losses or profits equally or in proportion to their capital and asset contributions. A joint venture resembles a partnership and is taxed like a partnership.
Detailed explanation-3: -As the name states, a partnership is a business owned by two or more people, known as partners. Like sole proprietorships, partnerships are able to take advantage of flow-through taxation.