ECONOMICS
ENTREPRENEURS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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proprietorship
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partnership
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limited liability company
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corporation
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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 proprietorships are not separate entities by law, so it’s considered one of the easiest types of businesses to start.
Detailed explanation-3: -Examples of sole proprietors include small businesses such as, a local grocery store, a local clothes store, an artist, freelance writer, IT consultant, freelance graphic designer, etc.
Detailed explanation-4: -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-5: -Run a Bookkeeping Business. Provide Home Healthcare. Be a Financial Planner. Run a Landscaping Company. Computer Repair Services. Run a Catering Company. Offer Housecleaning Services. Be a Freelance Writer. More items