True or False A Sole Proprietorship, owned by one person, is a form of business organization that is small, requires little amount of capital and is readily established under the control of one person. A Partnership is a form of business in which two or more people operate for the common goal of making a profit. A Partnership is an artificial being created by operation of law. A Sole Proprietorship has the advantage of least government regulations.A Corporation has powers, attributes, and properties expressly authorized by law.

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Answered: True or False A Sole Proprietorship,…

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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True or False

A Sole Proprietorship, owned by one person, is a form of business organization that is small, requires little amount of capital and is readily established under the control of one person.
A Partnership is a form of business in which two or more people operate for the common goal of making a profit.
A Partnership is an artificial being created by operation of law.
A Sole Proprietorship has the advantage of least government regulations.
A Corporation has powers, attributes, and properties expressly authorized by law.

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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