Pete Yankin and Ken Lowery consider themselves to be experts on hunting in the mountains in North Carolina.As a result, the two men established a company that markets hunting expeditions.Yankin and Lowery share responsibilities for booking the trips, gathering supplies, and guiding groups of five to seven hunters into locations where they can hunt for deer and bear.Since the two will share any profit equally, this would be an example of a(n):
A)S corporation
B)cooperative
C)sole proprietorship
D)partnership
E)double proprietorship

Question

Quizplus · Accepted Answer

This scenario describes a partnership, where two or more individuals share the responsibilities, profits, and liabilities of a business. Yankin and Lowery's arrangement of sharing profits equally and working together on the business operations fits the definition of a partnership.

Pete Yankin and Ken Lowery Consider Themselves to Be Experts