INTRODUCTION TO ENTREPRENEURSHIP
DEFINITION OF ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Partnership
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Corporation
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Franchise
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Sole Proprietorship
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Limited Liability Company
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Detailed explanation-1: -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.
Detailed explanation-2: -A partnership (or general partnership) is a business owned jointly by two or more people.
Detailed explanation-3: -A partnership is a business where two or more individuals operate the company as co-owners. Share of ownership can be split 50/50 or at any percentage, as long as the total adds up to 100%. Partnerships are relatively easy to set up.
Detailed explanation-4: -A partnership business, by definition, consists of two or more people who combine their resources to form a business and agree to share risks, profits and losses. Common partnership business examples include law firms, physician groups, real estate investment firms and accounting groups.