Asked by Stacie Blair on May 05, 2024
Verified
A_________ is an association of two or more persons to carry on, as co-owners, a business for profit, where each owner owns a share of the business and is personally liable for the firm's profits or losses.
A) sole proprietorship
B) professional corporation
C) partnership
D) business corporation
Partnership
A legal form of business operation between two or more individuals who share management and profits.
Professional Corporation
A business entity formed by licensed professionals, such as lawyers or doctors, allowing them to provide their services through a corporate structure.
Sole Proprietorship
A form of business owned and operated by one person who is solely responsible for all its operations and debts.
- Compare and contrast the organizational structures employed by law firms, such as sole proprietorships, partnerships, and professional corporations.
Verified Answer
MO
mariajose orozcoMay 07, 2024
Final Answer :
C
Explanation :
A partnership is defined as an association of two or more persons who come together to carry on a business for profit as co-owners, where each partner shares in the profits and losses of the business and is personally liable for the business's debts.
Learning Objectives
- Compare and contrast the organizational structures employed by law firms, such as sole proprietorships, partnerships, and professional corporations.