Franklin, John, Henry, and Harry have decided to pool their financial resources and business skills in order to open up and run a coffee shop. They will share any profits or losses that the business generates and will be personally responsible for making good on any debt that their business undertakes. Their business should be classified as a. corporation. b. sole proprietorship. c. partnership. d. none of the above.
Franklin, John, Henry, and Harry have decided to pool their financial resources and business skills in order to open up and run a coffee shop. They will share any profits or losses that the business generates and will be personally responsible for making good on any debt that their business undertakes. Their business should be classified as a. corporation. b. sole proprietorship. c. partnership. d. none of the above.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Franklin, John, Henry, and Harry have decided to pool their financial resources and business skills in order to open up and run a coffee shop. They will share any
business generates and will be personally responsible for making good on any debt that their business undertakes. Their business should be classified as
a. corporation.
b. sole proprietorship.
c.
d. none of the above.
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