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Homework Help In Economics 231

Homework Help In Economics 231

❶General partnerships equally share duties, profits and losses.

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The owner and business are legally the same entity. A partnership is a legal form of business with two or more owners. There are two main types of partnerships, general and limited. General partnerships equally share duties, profits and losses. Limited partnerships consist of one general partner and one or more limited partners. Free Enterprise basically is an economic and political doctrine of the capitalist system. The concept is based on the premise that the economy can regulate itself in a freely competitive market through the relationship of supply and demand, and with minimum government intervention.

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