(Optional) Allocate profit.
Allocation of profit should include documentation that allocation is based on the business plan and related legal documents (e.g., partnership agreement).
Process/Skill Questions:
- What is the definition of profit?
- What is the difference between net profit and gross profit?
- What are options for profit distribution?
- What is the difference between for-profit and non-profit businesses?
- How can businesses exercise social responsibility through profit allocation?
- Why is it important for companies to be socially responsible?