Question

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):

Answer 1

Answer: Since the two will share any profit equally, this would be an example of a BUSINESS PARTNERSHIP.

Explanation: Partnership is simply the association of two or more people to conduct a business. When forming a partnership, the business owners have the option of creating an agreement that dictates how profits or losses are shared.