INTRODUCTION TO ENTREPRENEURSHIP
DEFINITION OF ENTREPRENEURSHIP
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Business owned by a company
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Business owned by one person
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Business owned by several companies
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Business owned by president
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Detailed explanation-1: -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-2: -A sole proprietorship-also referred to as a sole trader or a proprietorship-is an unincorporated business that has just one owner who pays personal income tax on profits earned from the business. Many sole proprietors do business under their own names because creating a separate business or trade name isn’t necessary.
Detailed explanation-3: -A sole proprietorship, also known as a sole tradership, individual entrepreneurship or proprietorship, is a type of enterprise owned and run by one person and in which there is no legal distinction between the owner and the business entity.