Concept:A firm owned and managed by a family is best classified as a partnership because it involves more than one owner working together.
Explanation:A partnership is a business arrangement where
2 to
20 persons agree to set up and manage a business together.
In a partnership, the owners share the profit, losses, and risks of the business.
When family members jointly own and run the firm, the ownership and control lie within the family.
This makes the family business an example of a partnership rather than a sole proprietorship, cooperative society, or joint stock exchange.
Answer:D. partnership