Which of the following is a legal entity?Question 3Select one:a.company.b.partnership.c.sole proprietorship.d.all of the above.
Question
Which of the following is a legal entity?Question 3Select one:a.company.b.partnership.c.sole proprietorship.d.all of the above.
Solution 1
d. all of the above
Explanation:
a. Company: A company is a legal entity made up of an association of people, be they natural, legal, or a mixture of both, for carrying on a commercial or industrial enterprise.
b. Partnership: A partnership is a legal form of business operation between two or more individuals who share management and profits.
c. Sole Proprietorship: A sole proprietorship, also known as the sole trader, individual entrepreneurship or proprietorship, is a type of enterprise that is owned and run by one person and in which there is no legal distinction between the owner and the business entity.
So, all of the above (company, partnership, sole proprietorship) are considered legal entities.
Solution 2
d. all of the above
Explanation:
a. Company: A company is a legal entity made up of an association of people, be they natural, legal, or a mixture of both, for carrying on a commercial or industrial enterprise.
b. Partnership: A partnership is a legal form of business operation between two or more individuals who share management and profits.
c. Sole Proprietorship: A sole proprietorship, also known as the sole trader, individual entrepreneurship or proprietorship, is a type of enterprise that is owned and run by one person and in which there is no legal distinction between the owner and the business entity.
So, all of the above (company, partnership, sole proprietorship) are considered legal entities.
Similar Questions
Which form of business organization has a separate legal entity?a) Sole proprietorshipb) Partnershipc) Companyd) Joint Hindu family business
Which form of organization offers limited liability to its owners but is not a separate legal entity? A. Limited partnership B. Sole proprietorship C. Partnership D. Public limited company (PLC)
Which form of business organization is a legal entity formed by selling shares of stock to investors?Multiple choice question.The corporationThe syndicateThe sole proprietorshipThe general partnership
Which of the following statements concerning business entities is incorrect:a.The liability of shareholders to contribute to the debts of their company is normally limitedb.Partnerships are regarded as separate legal entitiesc.Individual partners are personally liable for partnership debtsd.A sole proprietorship is an accounting entitye.The shareholders of a Public Listed Company do not automatically receive dividend payments when a company makes a profit during the current financial yearselect an ans
A type of business where there is no legal distinction between the business and its owner is a:Question 5Select one:a.corporation.b.limited liability entity.c.sole proprietorship.d.private placement.
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.