The Partnership Form of Business Organization

question 221

Multiple Choice

The partnership form of business organization

• A) is a separate legal entity.
• B) is a common form of organization for service-type businesses.
• C) enjoys an unlimited life.
• D) has limited liability.

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Definitions:

Small Businesses

Enterprises or firms with limited revenue, employees, or resources, often characterized by independent ownership and operation.

Microbusinesses

Very small enterprises typically characterized by having fewer than 10 employees and operating with minimal capital investment.

Staffing

The process of hiring, positioning, and overseeing employees in an organization.

Recruiting

The process of identifying, attracting, interviewing, selecting, hiring, and onboarding employees.