Proprietors' income includes all of the following except Select one : a. the income of unincorporated businesses. b. the income of partnerships . c. the income of sole proprietorships. d. the income of all businesses - incorporated and unincorporated

Proprietors' income includes all of the following except Select one : a. the income of unincorporated businesses. b. the income of partnerships . c. the income of sole proprietorships. d. the income of all businesses - incorporated and unincorporated

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Measuring A Nation's Income

Section: Chapter Questions

Problem 12PA

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Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

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