GK
MARKETING MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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There are two or more owners, the partners share in the costs, decisions, and responsibility.
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Money is easily raised by shareholders although most decisions are made by the board of directors.
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Run like a partnership and a corporation limited the responsibility of the partners
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One owner who makes all of the business decisions
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Detailed explanation-1: -Sole proprietorships are inexpensive and easy to form. As long as you’re the owner and in charge of operations, there’s no need to formally register your business or notify federal or state offices.
Detailed explanation-2: -Minimal paperwork and low set-up costs are two major benefits of having a sole proprietorship. In addition, there is the ease of maintaining it. In fact, according to the SBA, it’s the simplest and least expensive business type you can establish.
Detailed explanation-3: -In sole proprietorship, the owner takes all decisions and is in full control of the business.
Detailed explanation-4: -Explanation: In the sole ownership the size of tasks is little. The proprietor can have direct contact with clients and workers. He can know the relations and inclinations of purchasers.
Detailed explanation-5: -The advantages of a sole proprietorship include all of the following EXCEPT: The sole proprietor bears unlimited personal liability for any losses incurred by the business.