Which type of financial structure primarily involves one person owning a business? Group of answer choices Partnership Corporations Sole Proprietorship Limited 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

Which type of financial structure primarily involves one person owning a business?

Group of answer choices

Partnership

Corporations

Sole Proprietorship

Limited 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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