A firm owned and managed by a family is an example of ___...
A firm owned and managed by a family is an example of ______?
Joint stock exchange
Cooperative society
Sole proprietorship
Partnership
Correct answer is D
A partnership may be defined as a type of business organization in which two to twenty persons agree legally to setup and manage a business outfit with the sole aim of making profit. The people involved in partnership agreement are called partners and they share the profit, losses and risk of
the business.
A family owned business is any business in which two or more family members are involved and the majority of ownership or control lies within a family.
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