Question

Alan and Desmond have set up a law business in a high–priced office. Which type of business do they have?

Answer 1

The type of business they have is:

Partnership.

Explanation:

A partnership is a formal agreement or arrangement in which two or more than two parties set up or operate and manage their business and share the profits accordingly.

There are several types of partnership arrangements.

In some partnership the profit or the liabilities are equally shared while in other they are shared according to their will or share of business.

So as Alan and Desmond have set up a law business in a high–priced office. The type of business they have is:

Partnership.