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Which form of business ownership allows for shared profits and losses?

Practice Questions

Q1
Which form of business ownership allows for shared profits and losses?
  1. Sole proprietorship
  2. Partnership
  3. Corporation
  4. Franchise

Questions & Step-by-Step Solutions

Which form of business ownership allows for shared profits and losses?
  • Step 1: Understand what a partnership is. A partnership is a type of business where two or more people work together.
  • Step 2: Learn that in a partnership, all partners share the responsibilities of running the business.
  • Step 3: Know that profits are the money made from the business, and losses are the money lost.
  • Step 4: Realize that in a partnership, profits and losses are divided among the partners based on their agreement.
  • Step 5: Conclude that a partnership is the form of business ownership that allows for shared profits and losses.
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