INTRODUCTION TO ENTREPRENEURSHIP
ENTREPRENEURIAL PROCESS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A Business ran and owned by just one person is called what? (Example:Creations by Barbara Florist)
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Corporation
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Partnership
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LLC
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Sole Proprietorship
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Explanation:
Detailed explanation-1: -Sole Proprietorship This is a business run by one individual for their own benefit. It is the simplest form of business organization. Proprietorships have no existence apart from the owners.
Detailed explanation-2: -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-3: -Sole Proprietorship. General Partnership. Limited Liability Company (LLC) Corporations (C-Corp and S-Corp)
There is 1 question to complete.