The Relationship That Exists Between Persons Carrying on a Business

question 40

Multiple Choice

The relationship that exists between persons carrying on a business in common with a view to profit is referred to as a:

• A) company.
• B) proprietorship.
• C) partnership.
• D) retailer.

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Definitions:

Standard Of Care

The degree of care and diligence expected from a person or entity in a specific situation, often used in legal contexts to establish negligence.

Negligence

A failure to behave with the level of care that someone of ordinary prudence would have exercised under the same circumstances, resulting in unintended harm to another party.

State Registration Requirements

Regulations mandating individuals or entities to officially register with state authorities to conduct certain activities legally.

Accountant

A professional who can plan, direct, and evaluate a client’s financial affairs.