ECONOMICS
COMPETITION AND MARKET STRUCTURES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Sole proprietorships can be owned by more than one person.
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Sole proprietorships are the most common form of business organization in the United States.
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Sole proprietorships generate about 40 percent of all sales in the United States.
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Sole proprietorships do not have to pay employment taxes.
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Detailed explanation-1: -Answer and Explanation: It is correct that b) the owner of a sole proprietorship is personally responsible for all the company’s debts. A sole proprietorship allows an individual to do business but does not distinguish the business from the business owner.
Detailed explanation-2: -Sole proprietorships are the most common and simple form of business organization. They are formed by persons who own all or most of the business property and assets. They are 100% responsible for all of the control, liabilities and management of a business.
Detailed explanation-3: -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-4: -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.