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A Contract Between Two or More Parties in Which One

question 96

Multiple Choice

A contract between two or more parties in which one party agrees,for a fee,to assume the risk of another is called _____.


Definitions:

Business Trust

A form of business organization managed by trustees for the benefit of its beneficiaries, offering benefits like reduced taxation and liability protection.

Limited Liability Company

A company formation that merges the direct tax obligations of a partnership or a sole proprietorship with the protection against personal liability offered by a corporation.

Ease of Formation

The relative simplicity and lack of complication in legally establishing a new business or company.

General Partnership

A business arrangement where two or more individuals manage and operate a business in accordance with the terms and objectives set out in a Partnership Agreement.

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