Asked by Sergei Glukhov on Jul 22, 2024
Verified
A firm with three owners
A) must be a partnership.
B) may be a partnership.
C) cannot be a partnership.
Partnership
A business firm owned by two or more people.
Firm
A business organization or entity that buys and sells goods or services, often to make a profit.
Owners
Entities or individuals that possess legal rights and control over property, businesses, or assets.
- Understand the basic structures and types of business firms.
Verified Answer
FW
Fredrick WallaceJul 26, 2024
Final Answer :
B
Explanation :
A firm with three owners may be a partnership, but it could also be a limited liability company (LLC) or a corporation. The number of owners does not determine the legal structure of the firm.
Learning Objectives
- Understand the basic structures and types of business firms.