BUSINESS ADMINISTRATION
BUSINESS ENVIRONMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Corporation
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Incorporation
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Sole Proprietorship
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Partnership
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Detailed explanation-1: -Sole proprietorships are the simplest form of business structure and are easy and cheap to start due to few government rules. Proprietors enjoy full control and profits from the business but incur unlimited legal liability personally.
Detailed explanation-2: -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.
Detailed explanation-3: -A sole proprietorship is the easiest and simplest form of business ownership. It is owned by one person. There is no distinction between the person and the business. The owner shares in the business’s profits and losses.
Detailed explanation-4: -Advantages of a Sole Proprietorship Easiest and least expensive form of ownership to organize.
Detailed explanation-5: -A sole proprietor is someone who owns an unincorporated business by himself or herself. However, if you are the sole member of a domestic limited liability company (LLC), you are not a sole proprietor if you elect to treat the LLC as a corporation.