GK
BUSINESS MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Sole trader
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Partnership
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Franchise
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Government organisation
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Detailed explanation-1: -Some of the popular advantages of a sole proprietorship are. Quick decision making– A sole proprietor has the freedom to make any decision.
Detailed explanation-2: -You’re self-employed if you run your own business as an individual and work for yourself. This is also known as being a ‘sole trader’. You can keep all your business’s profits after you’ve paid tax on them. You’re personally responsible for any losses your business makes.
Detailed explanation-3: -A sole trader is a self-employed person who owns and runs their own business as an individual. A sole trader business doesn’t have any legal identity separate to its owner, leading many to say that as a sole trader you are the business.
Detailed explanation-4: -Explanation: A sole proprietorship is owned and managed by an individual. Hence, he/she is the sole decision maker of the business.
Detailed explanation-5: -Some examples of people who may choose to become sole traders include hairdressers, business consultants, freelance writers, and tradespeople.