to form a business, i used all of my savings and borrowed from the bank, and im personally liable for all of the debts. This is an example of which of the following forms of business ownership:

BUSINESS MANAGEMENT

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

“to form a business, i used all of my savings and borrowed from the bank, and im personally liable for all of the debts.” This is an example of which of the following forms of business ownership:

A	cooperative
B	sole proprietorship
C	partnership
D	corporation

Explanation:

Detailed explanation-1: -The sole proprietorship is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts.

Detailed explanation-2: -Examples of sole proprietors include small businesses such as, a local grocery store, a local clothes store, an artist, freelance writer, IT consultant, freelance graphic designer, etc.

Detailed explanation-3: -Sole proprietors have unlimited liability and are legally responsible for all debts against the business. Their business and personal assets are at risk.

Detailed explanation-4: -Sole Proprietorship. General Partnership. Limited Liability Company (LLC) Corporations (C-Corp and S-Corp)

There is 1 question to complete.

GENERAL KNOWLEDGE

GK

BUSINESS MANAGEMENT