<u>The form of business ownership was a partnership.
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Further Explanation:
Partnership:
Partnership refers to the formal agreement between two or more parties for carrying out the business activities and participates in the profit and loss sharing of the business. There are many types of partnerships. In partnership, the liabilities of the partners are unlimited. However, in the case of limited liability partnership, the liabilities of the partners are limited.
Determine the form of business ownership:
In the given case, Troy formed a business relationship with Charlie Pappe. Earlier, the Sonic brand was managed and operated by Troy alone. Therefore, it was a sole proprietorship before the introduction of Charlie Pappe. After the introduction of Charlie Pappe, there are two members in the business ownership. The business form of two people is classified as a partnership.
Thus, the form of business ownership was a partnership.
Learn More:
- Learn more about the advantages of the sole proprietorship
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- Learn more about the partnership
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- Learn more about the types of association
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Answer Details:
Grade: Middle school
Chapter: Partnership
Subject: Business studies
Keywords: sonic, brand, grew, troy, smith, formed, business, relationship, Charlie, Pappe, form, business, ownership, unlimited partnership, company, two or more, members.