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Which form of business ownership allows for shared profits and losses?
Which form of business ownership allows for shared profits and losses?
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Q1
Which form of business ownership allows for shared profits and losses?
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In a partnership, profits and losses are shared among partners according to their agreement.
Questions & Step-by-step Solutions
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Q: Which form of business ownership allows for shared profits and losses?
Solution:
In a partnership, profits and losses are shared among partners according to their agreement.
Steps: 5
Show Steps
Step 1: Understand what a partnership is. A partnership is a type of business where two or more people work together.
Step 2: Learn that in a partnership, all partners share the responsibilities of running the business.
Step 3: Know that profits are the money made from the business, and losses are the money lost.
Step 4: Realize that in a partnership, profits and losses are divided among the partners based on their agreement.
Step 5: Conclude that a partnership is the form of business ownership that allows for shared profits and losses.
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