Question

QUESTION 6

1. Which of the following is most likely to be considered a partnership?

   		GoodHomes, a charitable organization formed by Ron and Ben, who share ownership.
   		Wyler Corporation, a tinned food manufacturing organization, owned by 40 individuals but managed by Emily and Emma Wyler.
   		Beautiful You, a small cosmetics retail shop, owned and managed by Delores Young.
   		Scissors, a salon for women, co-owned and managed jointly by Wanda and Ginny, who share profits equally.
   		Bright Red, a non-profit organization concerned with helping the elderly.

Answer 1

Answer: Option D - Scissors

Explanation: A partnership firm is the one in which two or more individuals come together to set up the firm and provide products and services. It is not a legal entity but they share profits and losses.

Since the salon (Scissors) is co-owned and managed by Wanda and Ginny while also sharing profits equally, it is more likely an example of partnership.