A firm owned and managed by a family is an exam... - JAMB Economics 2017 Question
A firm owned and managed by a family is an example of ______?
A
joint stock exchange
B
cooperative society
C
sole proprietorship
D
partnership
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Correct Option: 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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