Partnership is the organization comprised of two or more persons combining to carry-on as co-owners of a business for profit.

Unlock all questions

This demo includes only 20 questions. Upgrade to access hundreds of questions, flashcards, exam simulations, and disable ads.

Full question bankExam simulationsFlashcards
From $24.99Unlock all

Prepare for the BDUSMI 2402 Exam 2 with comprehensive study materials. Engage with multiple-choice questions and explanations. Master the concepts and boost your confidence for success.

Multiple Choice

Partnership is the organization comprised of two or more persons combining to carry-on as co-owners of a business for profit.

Explanation:
A partnership is a business form where two or more people join together to operate and share profits as co-owners. This structure centers on joint ownership and shared responsibility for the business, exactly matching the description of two or more persons combining to run a for-profit venture. This differs from a corporation, which is a separate legal entity owned by shareholders and typically managed by a board; from a sole proprietorship, which has a single owner; and from Secretary of State Records, which isn’t a type of business organization but the state office that registers business entities.

A partnership is a business form where two or more people join together to operate and share profits as co-owners. This structure centers on joint ownership and shared responsibility for the business, exactly matching the description of two or more persons combining to run a for-profit venture.

This differs from a corporation, which is a separate legal entity owned by shareholders and typically managed by a board; from a sole proprietorship, which has a single owner; and from Secretary of State Records, which isn’t a type of business organization but the state office that registers business entities.

More Multiple Choice Questions
Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy