MANAGEMENT

Detailed explanation-1: -Sole Proprietorship – This is the traditional and popular form of business organization. Its formation is simple, and the owner controls the complete operations of a business and is liable for all financial burdens and debts. A long as they are the only owner, they have the right to operate any category of business.

Detailed explanation-2: -A sole proprietorship is the easiest and simplest form of business ownership. It is owned by one person. There is no distinction between the person and the business. The owner shares in the business’s profits and losses.

Detailed explanation-3: -A sole proprietorship is the most common form of business organization. It’s easy to form and offers complete control to the owner.

Detailed explanation-4: -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-5: -The person is the owner of the business and receives all profits of the business. So, the most popular form of business ownership is the sole proprietorship. Explanation of incorrect options: The partnership involves partners who bear the loss or share profits equally by working together in the same organization.