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In which form of business ownership do owners share management responsibilities?

Practice Questions

Q1
In which form of business ownership do owners share management responsibilities?
  1. Sole proprietorship
  2. Corporation
  3. Partnership
  4. Franchise

Questions & Step-by-Step Solutions

In which form of business ownership do owners share management responsibilities?
  • Step 1: Understand what business ownership means. It refers to how a business is owned and managed.
  • Step 2: Learn about different forms of business ownership, such as sole proprietorship, partnership, and corporation.
  • Step 3: Focus on partnerships. In a partnership, two or more people own the business together.
  • Step 4: Recognize that in a partnership, all owners share responsibilities for managing the business.
  • Step 5: Conclude that the answer to the question is 'partnership' because owners share management responsibilities.
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