A business created as a distinct legal entity composed of one or more individuals or entities is known as a: Select one: a. None of the given answers is correct. b. Sole proprietorship c. Owner-managed entity d. Partnership

A business created as a distinct legal entity composed of one or more individuals or entities is known as a: Select one: a. None of the given answers is correct. b. Sole proprietorship c. Owner-managed entity d. Partnership

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 4MC: Mutual agency is defined as: A. a mutual agreement B. the right of all partners to represent the...

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Question

A business created as a distinct legal entity composed of one or more individuals or entities is known as a:

Select one:

a. None of the given answers is correct.

b. Sole proprietorship

c. Owner-managed entity

d. Partnership

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

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