GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following is defined as a business in which partners have an unequal share and liability in the business?
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sole partnership
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limited partnership
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general partnership
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franchise partnership
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Explanation:
Detailed explanation-1: -The most common forms of business are the sole proprietorship, partnership, corporation, and S corporation.
Detailed explanation-2: -1. Sole Proprietorship. A type of business entity that is owned and run by one individual – there is no legal distinction between the owner and the business. Sole Proprietorships are the most common form of legal structure for small businesses.
Detailed explanation-3: -LLC a business structure that is attractive to small business owners because they provide the limited liability features of a corporation and the efficiences and operational flexibility of a partnership. A business in which some or all partners have limited liabilities is called a: Limited liability partnership.
There is 1 question to complete.