What Is a Partnership

question 29

Multiple Choice

What is a partnership?

• A) a business owned and operated by one person
• B) two or more persons that carry on as co-owners of a business for profit
• C) the governing body for corporate activity
• D) an organization in which each owner has limited personal liability

Understand the difference between formal and informal communication channels within organizations.

Recognize the function and characteristics of the grapevine in organizational communication.

Identify the conditions under which rumors spread most effectively in organizations.

Understand how personal emotions and gossip contribute to the grapevine.

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Definitions:

Security Interest

A legal claim or lien on collateral that gives a lender the right to repossession if the borrower defaults on obligations.

Default

Failing to fulfill a legal obligation or agreement, particularly the failure to repay a loan as agreed with a lender.

Perfection

In legal and financial terminology, it refers to the necessary steps taken to secure rights or interests in collateral against third parties.

Security Interest

A legal claim or lien on collateral, giving a lender the right to take property to satisfy a debt if the debtor defaults.