A(n)__________ is created when two or more persons agree to place their money,labor,or skills in a business and to share the profits and losses.
A) sole proprietorship
B) general partnership
C) S partnership
D) C corporation

Question

Quizplus · Accepted Answer

A general partnership is a business structure where two or more individuals agree to share the profits and losses of a business. Each partner contributes capital, labor, or skills towards the business operations. This type of partnership is not taxed as an entity, but the profits and losses are allocated to the individual partners based on their ownership percentage, and they report these on their personal income tax returns.

A(n)__________ Is Created When Two or More Persons Agree to Place