Business Organization - A business organization is an individual or a group of people who collaborate to achieve certain commercial goals. Some business organizations are formed to earn income for the owners. Other business organizations, called non-profits, are formed for public purposes. The different types of business organization include Sole Proprietorship (SP), Partnership (P), or corporation (C). Sole Proprietorship: It is a form of business organization, which is owned by one person, usually the individual who has the day-to-day responsibility of running the business. Partnership: In a partnership, two or more people share the ownership of a single business. Corporation: A corporation, chartered by the state in which it is headquartered, is considered by the law to be a unique entity, separate and apart from those who own it. To determine: The form of business organization that best describes the instances provided.

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Answer 1

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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.

Chapter 1, Problem 6E

To determine

Concept Introduction:

Business Organization - A business organization is an individual or a group of people who collaborate to achieve certain commercial goals. Some business organizations are formed to earn income for the owners. Other business organizations, called non-profits, are formed for public purposes. The different types of business organization include Sole Proprietorship (SP), Partnership (P), or corporation (C).

Sole Proprietorship: It is a form of business organization, which is owned by one person, usually the individual who has the day-to-day responsibility of running the business.

Partnership: In a partnership, two or more people share the ownership of a single business.

Corporation: A corporation, chartered by the state in which it is headquartered, is considered by the law to be a unique entity, separate and apart from those who own it.

To determine: The form of business organization that best describes the instances provided.

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Answer 2

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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.

Chapter 1, Problem 6E

To determine

Concept Introduction:

Business Organization - A business organization is an individual or a group of people who collaborate to achieve certain commercial goals. Some business organizations are formed to earn income for the owners. Other business organizations, called non-profits, are formed for public purposes. The different types of business organization include Sole Proprietorship (SP), Partnership (P), or corporation (C).

Sole Proprietorship: It is a form of business organization, which is owned by one person, usually the individual who has the day-to-day responsibility of running the business.

Partnership: In a partnership, two or more people share the ownership of a single business.

Corporation: A corporation, chartered by the state in which it is headquartered, is considered by the law to be a unique entity, separate and apart from those who own it.

To determine: The form of business organization that best describes the instances provided.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 3

Question

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.

Chapter 1, Problem 6E

To determine

Concept Introduction:

Business Organization - A business organization is an individual or a group of people who collaborate to achieve certain commercial goals. Some business organizations are formed to earn income for the owners. Other business organizations, called non-profits, are formed for public purposes. The different types of business organization include Sole Proprietorship (SP), Partnership (P), or corporation (C).

Sole Proprietorship: It is a form of business organization, which is owned by one person, usually the individual who has the day-to-day responsibility of running the business.

Partnership: In a partnership, two or more people share the ownership of a single business.

Corporation: A corporation, chartered by the state in which it is headquartered, is considered by the law to be a unique entity, separate and apart from those who own it.

To determine: The form of business organization that best describes the instances provided.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

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.

Chapter 1, Problem 6E

To determine