There are different types of business organizations which depend on different factors such as size of business, nature of business, and capital requirement. The business organizations can be sole proprietorship, partnership , corporation, and Limited Liability Company. To indicate: The attributes for each type of business form.

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Answer 1

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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.

Chapter 1, Problem 5QS

Summary Introduction

Introduction: There are different types of business organizations which depend on different factors such as size of business, nature of business, and capital requirement. The business organizations can be sole proprietorship, partnership, corporation, and Limited Liability Company.

To indicate: The attributes for each type of business form.

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Determine whether each describes a sole proprietorship, a general partnership, or a corporation. Note that a characteristic may apply to more than one type of business structure. : View the image for the table to help answer.

Answer 2

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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.

Chapter 1, Problem 5QS

Summary Introduction

Introduction: There are different types of business organizations which depend on different factors such as size of business, nature of business, and capital requirement. The business organizations can be sole proprietorship, partnership, corporation, and Limited Liability Company.

To indicate: The attributes for each type of business form.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 3

Question

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.

Chapter 1, Problem 5QS

Summary Introduction

Introduction: There are different types of business organizations which depend on different factors such as size of business, nature of business, and capital requirement. The business organizations can be sole proprietorship, partnership, corporation, and Limited Liability Company.

To indicate: The attributes for each type of business form.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

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.

Chapter 1, Problem 5QS

Summary Introduction