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Multiple choice-- economics

A visit to your doctor's office might reveal another, or several, doctors maintaining separate practices in the same building. These doctors may have combined their efforts to form what kind of business?

Corporation

Partnership

Franchise

Sole proprietorship

User VGE
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Answer:

Partnership

Step-by-step explanation:

A partnership can be defined as a type of business ownership in which two or more individuals come together to start up a business and share the profits made together.

There are two (2) main classes of partnerships and these includes;

1. General partner: it is a type of partnership in which two or more people come together and have an agreement to do business by sharing profits, assets, debts or financial and legal liabilities.

2. Limited partner: it is a type of partnership in which people come together and have an agreement to do business but the involved partners only contribute financially and solely responsible to the amount of money they invested.

In this scenario, there are several doctors maintaining separate practices such as dentistry, paediatric, gynaecology, etc., in the same building.

Thus, these doctors may have combined their efforts to form a partnership business because they all share in the successful operation of the business and assume liability for any business debt owed.

User The Phoenix
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