Answered: What is the legal requiremts for a sole…

Principles of Management

OER 2019th Edition

ISBN:9780998625768

Author:OpenStax

Publisher:OpenStax

Chapter7: Entrepreneurship

Section7.7: The Small Business Administration

Problem 2CC: Describe the financial and management assistance programs offered by the SBA.

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What is the legal requiremts for a sole trader, partnership and cooperatives business?

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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