Question

Harold and Zack have pooled their money together to buy real estate but have filed no formal papers to form a business. Harold, a lawyer, handles all the legal matters and Zack, a real estate broker, finds buyers for the property they have subdivided. Harold and Zack are engaged in a _________.

Answer 1

Answer: Partnership

Explanation:

Harold and Zack are involved in a partnership, whereby resources of both individuals are gathered to push forward the business.

A business partnership is a business organization formed by two or more individuals/organization, where resources are brought together to form a single business with the aim of profit making.