Asked by Yadelis Carmona gonzalez on May 09, 2024
Verified
An association of two or more persons to own and manage a business for profit
A) Deficiency
B) Realization
C) Proprietorship
D) Partnership
E) Mutual agency
F) Liquidation
G) Income-sharing ratio
H) Statement of partnership equity
Partnership
A legitimately structured partnership where two or more persons share both the administrative roles and the profits.
Business For Profit
An organization engaged in commercial, industrial, or professional activities with the aim of generating income exceeding expenses.
- Examine the foundational terms and concepts associated with partnerships, such as mutual agency, liquidation, and unlimited liability.
Verified Answer
GS
Gurjot SinghMay 10, 2024
Final Answer :
D
Explanation :
A partnership involves two or more individuals coming together to own and manage a business with the aim of making a profit. This distinguishes it from other business structures like sole proprietorships or corporations.
Learning Objectives
- Examine the foundational terms and concepts associated with partnerships, such as mutual agency, liquidation, and unlimited liability.