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Blake, Madison and Sean started selling computer software on college campuses under the name Student Software Company. Each person contributed $1,500toward start-up costs and agreed on dividing costs and profits equally. The legal structure for the company can best be described as:
Indorsement
A signature or instruction written on the back of a negotiable instrument, such as a check, transferring ownership or specifying some other transaction.
Bank
A financial institution licensed to receive deposits and provide loans to individuals and businesses.
Holder
An individual or entity that possesses or owns a particular document, often used in the context of financial instruments.
Payable to Bearer
A financial instrument or document that allows the person in possession (the bearer) to receive the assets specified therein, without the need to prove identity.
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