Sole Proprietorships & Partnerships

Front

What is a sole proprietorship?

Back

A sole proprietorship is a type of business structure where an individual owns and operates the business as a single entity.

Front

Name one characteristic of a sole proprietorship.

Back

Single ownership

Front

What are the advantages of partnerships?

Back

Shared resources and expertise, shared risks and responsibilities.

Front

List one disadvantage of a sole proprietorship.

Back

Unlimited liability

Front

How is a sole proprietorship formed?

Back

An individual starts a business on their own without any formal legal structure.

Front

What are the rights of partners in a partnership?

Back

Partners in a partnership have the right to share profits and losses and participate in management decisions.

Front

What is the main difference between a sole proprietorship and a partnership?

Back

Number of owners

Front

What is the liability of a sole proprietor?

Back

Unlimited

Front

What is the liability of partners in a partnership?

Back

Limited

Front

Which of the following have share holders: Cooperation, Sole Proprietorship, Partners, Non-Profit Organization?

Back

Cooperation