INTRODUCTION TO ENTREPRENEURSHIP
IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
ordinary small business
|
|
|
partnership
|
|
|
small business
|
|
|
sole proprietorship
|
Detailed explanation-1: -Independently Owned and Operated means a sole proprietorship, partnership or corporation which is not a subsidiary or another organization.
Detailed explanation-2: -Sole proprietorship This means your business assets and liabilities are not separate from your personal assets and liabilities. You can be held personally liable for the debts and obligations of the business. Sole proprietors are still able to get a trade name.
Detailed explanation-3: -It defines small business by firm revenue (ranging from $1 million to over $40 million) and by employment (from 100 to over 1, 500 employees). For example, according to the SBA definition, a roofing contractor is defined as a small business if it has annual revenues of $16.5 million or less.