Question

Describe some typical pairs of entities that you think might be common in business, and describe their relationships, whether many-to-many, one-to-many, many-to-one, or one-to-one. Explain why you think that a particular relationship applies to that pair of entities.

Answer 1

Answer:

Sole Proprietorship, General Partnership , Limited Partnership, corporation

Explanation:

Business in something that an individual or a group of people do for a living and produce products and services that benefits the society and the people. There are several entities that can be common in business. Some common form of entities are :

Sole Proprietorship : One to one

-- here there is only one owner in the business and he maintains and manages the entire business functions under his control.

Limited Partnership : many to one

-- here two or more than two partners establish business and runs it but only one or more is liable to the amount of the investments.

General Partnership : many to many

-- It is a business partnership where all the partners shares the profits, the assets, legal liabilities and financial liabilities, etc.

Corporation : many to one

It is a business entity where a group of individual or a group of companies run a single business which is generally authorized by the state.