Q953
A type of business ownership in which two or more entities join together for profit purpose is classified as
A.
partnership
AnswerB.
joint business
C.
joint profit
D.
corporate business
Answer: Option A
Solution
Answer: Option A
Solution:
A type of business ownership in which two or more entities join together for profit purpose is classified as partnership. A partnership is a formal arrangement by two or more parties to manage and operate a business and share its profits. There are several types of partnership arrangements. In particular, in some partnerships, all partners share liabilities and profits equally, while in others, partners have limited liability.