Answered: Mr. Ahmed and his two friends are…

Principles Of Marketing

17th Edition

ISBN:9780134492513

Author:Kotler, Philip, Armstrong, Gary (gary M.)

Publisher:Kotler, Philip, Armstrong, Gary (gary M.)

Chapter1: Marketing: Creating Customer Value And Engagement

Section: Chapter Questions

Problem 1.1DQ

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Question

Mr. Ahmed and his two friends are working in a shop at Ibri. Mr. Ahmed only invested money in the business and he controls the business. Name the form of business organization operated by Mr. Ahmed and his friends.

a.
General partnership

b.
Limited partnership

c.
Sole proprietorship

d.
Corporation

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.

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