An association of two or more persons for the purpose of engaging into a business for profit is called ______. A. Entrepreneurship B. Partnership C. Proprietorship D. Corporation

The correct answer is: C. Proprietorship

A proprietorship is a business owned and operated by one individual. The owner is personally liable for the debts and obligations of the business.

A partnership is a business owned and operated by two or more individuals. The partners are jointly and severally liable for the debts and obligations of the business.

A corporation is a legal entity that is separate from its owners. The shareholders of a corporation are not personally liable for the debts and obligations of the corporation.

Entrepreneurship is the process of starting and running a business. Entrepreneurs are individuals who take risks to start new businesses.

Here is a table that summarizes the key differences between proprietorships, partnerships, corporations, and entrepreneurship:

| Characteristic | Proprietorship | Partnership | Corporation | Entrepreneurship |
| — | — | — | — | — |
| Ownership

| One individual | Two or more individuals | One or more individuals, but treated as a legal entity separate from its owners | Individuals who take risks to start new businesses |
| Liability | Owner is personally liable for the debts and obligations of the business | Partners are jointly and severally liable for the debts and obligations of the business | Shareholders are not personally liable for the debts and obligations of the corporation | Entrepreneurs are not personally liable for the debts and obligations of their businesses |
| Taxation | The owner reports the income and expenses of the business on his or her personal tax return | The partnership files a tax return and pays taxes on its income | The corporation files a tax return and pays taxes on its income | The income of an entrepreneur’s business is taxed as personal income |
| Management | The owner manages the business | The partners manage the business | The board of directors manages the corporation | The entrepreneur manages the business |
| Continuity | The business ceases to exist when the owner dies or sells the business | The business ceases to exist when one or more of the partners dies or sells his or her interest in the business | The business continues to exist even if one or more of the shareholders dies or sells his or her shares | The business may or may not continue to exist after the entrepreneur dies or sells the business |

I hope this helps!