GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following is an advantage of sole proprietorships:
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Limited liability
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Unlimited financial power
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Dual taxation
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Quick decision making
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Explanation:
Detailed explanation-1: -Quick decision making– A sole proprietor has the freedom to make any decision. Therefore, the decision would be prompt as they don’t have to take the permission of others.
Detailed explanation-2: -Answer: (c) partnership. Which of the following is an advantage of a sole proprietorship? (a) ease of starting a business.
Detailed explanation-3: -The sole proprietor has full and complete authority to manage and control the business. There are no partners or shareholders to consult before making decisions. This form of organization gives the proprietor maximum freedom to run the business and respond quickly to day-to-day business needs.
There is 1 question to complete.