Alegal arrangement where two or more people share ownership of a business is called

A legal arrangement where two or more people share ownership of a business is called a "partnership".

A partnership is a formal plan in which at least two parties participate to oversee and work a business. Different organization courses of action are conceivable in which all accomplices may share liabilities and benefits similarly or a few accomplices may have restricted risk.  

A business partnership is a particular sort of lawful relationship shaped by the agreement between at least two people to carry on a business as co-proprietors. A partnership is a business with different proprietors, every one of whom has put resources into the business.

Materials Price Variance = (SP-AP) *AQ

= (3.75 - 4.00) * 36,000

= 9,000 Unfavorable

Materials Quantity Variance = (SQ-AQ) * SR

= (15,000 * 2.5) - 36,000) * 3.75

= 5625 Favourable

Materials cost variance = 9,000 U + 5625 F

Materials cost variance = 3375 U