Sole Proprietorship

Which of the following is a business owned by only one person and is the sinplest form of business organization?

• Sole proprietorship

• Partnership

• Corporation

• Cooperative

The following is/are advantage/s of sole propiertorship EXCEPT:

• Easy setup

• Full control

• Unlimited liability

• You receive all the profits

A sari sari store is an example of a corporation.

• True

• False

• Both A&B

• Neither A&B

Which of the following is NOT an example of a sole proprietorship?

• ABC Bakeshop

• LCP Corporation

• Ana's sari sari store

• XYZ Motor repair shop

Vanessa owns a beauty supply store in the town where she resides. Which form of business organization is being described by the statement?

• Corporation

• Partnership

• Cooperative

• Sole Proprietorship