Match each form of business organization with its description. Business Organizations Descriptions1. Sole proprietorshipa. Business owned by two or more persons.2. Partnershipb. Entity legally separate from its owners.3. Corporationc. Business owned by a single person.

Definition: Sole proprietorship: The form of business entity which is owned and managed by an…

Answered: Match each form of business…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Match each form of business organization with its description.
Business Organizations Descriptions

1. Sole proprietorship	a. Business owned by two or more persons.
2. Partnership	b. Entity legally separate from its owners.
3. Corporation	c. Business owned by a single person.

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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