INTRODUCTION TO ENTREPRENEURSHIP
TYPES OF ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Partnership
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Corporation
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Franchise
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Sole Proprietorship
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Limited Liability Company
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Detailed explanation-1: -A sole proprietorship is an unincorporated business that one person owns and manages. As the business and the owner are not legally separate, it is the simplest form of business structure. It is also known as individual entrepreneurship, sole trader, or simply proprietorship.
Detailed explanation-2: -A sole proprietorship is easy to form and gives you complete control of your business. You’re automatically considered to be a sole proprietorship if you do business activities but don’t register as any other kind of business. Sole proprietorships do not produce a separate business entity.
Detailed explanation-3: -A sole proprietorship is a business that is owned and operated by a natural person (individual). This is the simplest form of business entity.