Sole proprietorship

Businesses are owned and operated by individuals​ ​ ​ (a)  

• Private corporation
• Public corporation

​ (a)   What is a sole proprietorship?​

• A business owned and operated by a single person
• A business owned by two or more individuals

1. 
   Who receives all the profits from a sole proprietorship?​ (a)  

• Owner
• Government
• Shareholders

Which of the following is a disadvantage of a sole proprietorship?​

​ ​ (a)  

• Unlimited liability
• Limited control
• Ease of formation

Which of the following statements is true regarding the legal status of a sole proprietorship?​ ​ (a)  

• It can exist independently of its owner
• It is a separate legal entity from its owner

A sole proprietorship is a business structure owned and operated by multiple individuals.​ (a)  

• False
• True

In a sole proprietorship, the owner has unlimited liability for the business's debts and obligations.​ ​ (a)  

• True
• False

In a sole proprietorship, there is a clear separation between the owner's personal and business finances.​ (a)  

• False
• True

The disadvantage mentioned in first case is :

• Limited Resources

• workload

The advantage mentioned in second case is:

• flexibility

• Direct Customer Interaction