INTRODUCTION TO ENTREPRENEURSHIP
DEFINITION OF ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Liability Company
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Limited Partnership
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Sole Proprietorship
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Limited Liability Partnership
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Detailed explanation-1: -The effect of the death of the sole proprietor is that the business cannot run and exist after the death of the owner.
Detailed explanation-2: -If the business is a sole proprietorship, it ceases to operate upon the owner’s death. Its assets and debts become part of the owner’s holdings, and the estate is distributed according to the terms of the will.
Detailed explanation-3: -To close their business account, a sole proprietor needs to send the IRS a letter that includes the complete legal name of their business, the EIN, the business address and the reason they wish to close their account.
Detailed explanation-4: -Three events can cause the dissolution of a sole proprietorship: the owner’s decision, death or disability of the owner and bankruptcy–which may include the owner’s assets as well as those of the business.
Detailed explanation-5: -A sole proprietor is someone who owns an unincorporated business by himself or herself.