Answered: Which type of business organization is…

Which type of business organization is owned by only one owner? Corporation Partnership Sole proprietorship Items a, b, and c are all correct.

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter9: Accounting For Purchases And Cash Payments

Section9.1: Subsidiary Ledgers And Controlling Accounts

Problem 3AYU

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Question

Which type of business organization is owned by only one owner?

Corporation
Partnership
Sole proprietorship
Items a, b, and c are all correct.

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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