Answer: Partnership
A partnership is a from of business ownership who come together with mutual consent in order to manage the business and share its profits.
The terms and conditions of this agreement and the quantum of profit for each partner is clearly stated in a document called the partnership agreement.
All the partners who actively manage the business and share the profits are called General Partners. The general partners are jointly and severally liable for the debts incurred by the partnership.
The form of business ownership was a partnership.
Further Explanation:
Partnership:
Partnership refers to the formal agreement between two or more parties for carrying out the business activities and participates in the profit and loss sharing of the business. There are many types of partnerships. In partnership, the liabilities of the partners are unlimited. However, in the case of limited liability partnership, the liabilities of the partners are limited.
Determine the form of business ownership:
In the given case, Troy formed a business relationship with Charlie Pappe. Earlier, the Sonic brand was managed and operated by Troy alone. Therefore, it was a sole proprietorship before the introduction of Charlie Pappe. After the introduction of Charlie Pappe, there are two members in the business ownership. The business form of two people is classified as a partnership.
Thus, the form of business ownership was a partnership.
Learn More:
Answer Details:
Grade: Middle school
Chapter: Partnership
Subject: Business studies
Keywords: sonic, brand, grew, troy, smith, formed, business, relationship, Charlie, Pappe, form, business, ownership, unlimited partnership, company, two or more, members.
Answer:
The correct answer is B. transfers cash by electronic communication rather than by paper documents.
Explanation:
When the bank transfer or bank transfer is verified through electronic means, throughout its process or some parts thereof, it is referred to as an electronic funds transfer system (EFTS). This system is used when providing a bank account number and routing information to someone who owes money, and that interested parties transfer money from one account to another. It is also the system used in some of the payments made through the online bill payment service of a bank. EFTS transfers differ from electronic transfers in important legal forms. An EFTS payment is essentially an electronic personal check, while a bank transfer is more like an ATM check.
In the United States, EFTS transfers are often called "ACH transfers," because they take place through the Automated Clearing House or Automated Clearing House. The part that ACH transfers differ from bank transfers is that the recipient can initiate it. There are course restrictions, but this is the way people often make automatic bill payments, for example to utility companies.