Businesses can be classified into the following forms: sole proprietorship, partnership, corporation, limited liability company (LLC), and limited liability partnership (LLP). Different forms of businesses have different characteristics. Which of the following characteristics would apply to a partnership? a) Subject to unlimited personal liability
b) Income is allocated on a pro rata basis
c) Can easily raise large amounts of capital
d) Taxed at individual level
e) Chartered by a state and is its own legal entity separate and distinct from its owners and managers
f) Legal arrangement between two or more people

b) Income is allocated on a pro rata basis

Explanation:

A partnership is an agreement between two or more people to oversee a business and share in the profit and losses made by the business.

In a partnership when income comes in it is shared.on a pro rata basis.

This means income is given based on the level of ownership of the business.

For example a partner that has 60% ownership of the partnership is expected to collect 60% of the business income.

Pro rata is also called proportional rate.

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whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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