BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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corporation
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partnership
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sole proprietorship
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Detailed explanation-1: -Sole Proprietorship These firms are owned by one person, usually the individual who has day-to-day responsibility for running the business. Sole proprietorships own all the assets of the business and the profits generated by it. They also assume complete responsibility for any of its liabilities or debts.
Detailed explanation-2: -The main benefit of being a sole trader is that you are your own boss and you can dictate the direction of the business. As a self-employed sole trader, you will be able to run your business as you wish. This is perhaps one of the biggest reasons why people leave employment to start their own business.
Detailed explanation-3: -Sole Proprietorship Simplicity of organization-this is the most common form of business organization in the United States because it is the easiest and least expensive to establish.