Which of the Following Types of Business Ownership Could Be

question 65

Multiple Choice

Which of the following types of business ownership could be formed based only on an oral agreement?

• A)partnership
• B)limited liability company
• C)nonprofit organization
• D)corporation

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Definitions:

Meeting of the Minds

A mutual agreement or consent among parties in a contract, indicated by a clear understanding and acceptance of essential terms and conditions.

Contract

A legally-binding agreement between two or more parties that outlines obligations and privileges.

Organizational Behavior

The study of how people interact within groups, particularly in a work context, including patterns of behavior and underlying psychological mechanisms.

Marketing Promotions

Activities and strategies used to increase awareness, interest, and sales of products or services, including advertising, sales, and public relations efforts.