ECONOMICS
ENTREPRENEURS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Sole Proprietorship
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Partnership
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Corporation
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Limited Liability Corporation
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Detailed explanation-1: -A sole proprietorship is an unincorporated business that one person owns and manages. As the business and the owner are not legally separate, it is the simplest form of business structure. It is also known as individual entrepreneurship, sole trader, or simply proprietorship.
Detailed explanation-2: -Sole proprietorship: Definition The owner of a sole proprietorship is entitled to all profits but is also responsible for the business’s debts, losses, and liabilities.
Detailed explanation-3: -A sole proprietorship is a business that can be owned and controlled by an individual, a company or a limited liability partnership. There are no partners in the business. The legal status of a sole proprietorship can be defined as follows: It is not a separate legal entity from the business owner.
Detailed explanation-4: -A Sole proprietorship is a business, owned, controlled and managed by a single individual. A Sole Proprietor reaps the financial rewards and is responsible for all risks and liabilities while conducting the business.
Detailed explanation-5: -Sole proprietors 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.