When Two or More People Agree to Share the Assets

question 24

Multiple Choice

When two or more people agree to share the assets, liabilities, and profits of a business, the legal structure is termed a

• A) sole proprietorship.
• B) corporation.
• C) partnership.
• D) limited liability company (LLC).
• E) N one of these are correct.

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Definitions:

Compliance

The act of conforming to a request, rule, or specification.

Resistance

Opposition to change or the refusal to accept new ideas.

Adherence

The extent to which individuals stick to prescribed guidelines, rules, or treatment plans.

Commitment

The state or quality of being dedicated to a cause, activity, or the fulfillment of an obligation or promise.