Question

have an equal say in any managerial business decisions and they plan to share any profits or losses. they are concerned about their exposure to liability, so they have purchased some professional insurance policies. however, they are pleased with how simple it has been to organize their business.

which form of business structure have tom and wendy likely adopted?

○ partnership

○ sole proprietorship

○ oration

○ a corporation

Explanation:

In a partnership, multiple owners (partners) have equal say in managerial decisions, share profits/losses, and the business is relatively simple to organize. Sole proprietorship has one owner, so it's ruled out. Corporations have more complex organization and legal formalities, which don't match the "simple to organize" detail here. So the likely business structure is Partnership.

Answer:

A. Partnership