Which of the following is a legal entity?Question 3Select one:a.company.b.partnership.c.sole proprietorship.d.all of the above.
Question
Which of the following is a legal entity?
Select one:
- a.
company - b.
partnership - c.
sole proprietorship - d.
all of the above.
Solution
d. all of the above
Explanation:
a. Company: A company is a legal entity made up of an association of people, be they natural, legal, or a mixture of both, for carrying on a commercial or industrial enterprise.
b. Partnership: A partnership is a legal form of business operation between two or more individuals who share management and profits.
c. Sole Proprietorship: A sole proprietorship, also known as the sole trader, individual entrepreneurship or proprietorship, is a type of enterprise that is owned and run by one person and in which there is no legal distinction between the owner and the business entity.
So, all of the above (company, partnership, sole proprietorship) are considered legal entities.
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