Examlex
Explain the Law of Comparative Advantage.
General Partnership
A business structure where two or more individuals share ownership, responsibilities, profits, and liabilities.
Mutual Agency
A legal principle in partnerships where each partner has the authority to bind the partnership (and other partners) in contracts related to the business's usual operations.
Positive Net Income
A financial situation where a company's total revenues exceed its total expenses, indicating profitability.
Inexpensive to Organize
Refers to the low cost associated with setting up a certain type of business structure or organization.
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