Three Sisters Specialty Foods, owned by Judith Coker, Millie Humphreys, and Jade Watson, sells eggless cake mixes for people on a restricted diet. Coker recently purchased an industrial grade mixer without conferring with her sisters who were upset when they learned that they were all three liable for the payments on the mixer. Three Sisters is an example of a: general partnership closely held corporation limited partnership joint partnership private corporation.

Question

Business

Korbin George

30 August, 03:50

Three Sisters Specialty Foods, owned by Judith Coker, Millie Humphreys, and Jade Watson, sells eggless cake mixes for people on a restricted diet. Coker recently purchased an industrial grade mixer without conferring with her sisters who were upset when they learned that they were all three liable for the payments on the mixer. Three Sisters is an example of a: general partnership closely held corporation limited partnership joint partnership private corporation.

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Answers (1)

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Pooch · Answer 1

Three sisters is an example of Joint partnership.

Answer: Option 4.

Explanation:

A partnership is a formal arrangement by two or more parties to manage and operate a business and share its profits. There are several types of partnership arrangements. In particular, in a partnership business, all partners share liabilities and profits equally, while in others, partners have limited liability.

There are a wide variety of partnerships. One of the kind of partnerships is the joint partnership. Joint partnership is a kind of partnership where the partners of the organisation who are in the business with each other share the risks, profits, liabilities and so on of the business mostly in the same ratio by all partners.