Ask Question
26 February, 20:58

Harold and Zack have pooled their money together to buy real estate but have filed no formal papers to form a business. Harold, a lawyer, handles all the legal matters and Zack, a real estate broker, finds buyers for the property they have subdivided. Harold and Zack are engaged in a:

a. partnership.

b. close corporation.

c a limited liability company.

d. business trust.

+3
Answers (1)
  1. 26 February, 21:17
    0
    Answer: a. Partnership

    Explanation:

    Partnership could be defined as a process where two or more group of persons join their resources together to form a business or an investment, if it's a business, it is ran by both of them and the profit and loss realised is been shared amongst them. During partnership, the ratio of capital invested determines the ratio of profit that would be realised by the different persons. Harold and Zack combining resources to own a real estate investment is known as capital despite not signing legally for it yet.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Harold and Zack have pooled their money together to buy real estate but have filed no formal papers to form a business. Harold, a lawyer, ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers