Business Organization Structures Quiz

Sole proprietorship is a form of business organization where the owner is a single individual who manages and controls the business, making all the decisions and bearing all the profits, risks, and losses.

Examples of sole proprietorship include retail shops like stationery shops and sweet shops, as well as personal services like beauty parlors or hair salons.

The features of sole proprietorship include no separate laws or legal formalities involved in starting or closing the business, and it is relatively easy to set up and operate.

<p>Advantages of sole proprietorship include ease of formation, direct control, and retention of all profits by the owner.</p> Signup and view all the answers

<p>Sole proprietorship is popular for small businesses because the owner manages and controls the business, making all the decisions and bearing all the profits, risks, and losses, and there are no separate laws or legal formalities involved in starting or closing the business.</p> Signup and view all the answers

<p>Sole proprietorship is a form of business organization where the owner is a single individual who manages and controls the business, making all the decisions and bearing all the profits, risks, and losses.</p> Signup and view all the answers

<p>Examples of sole proprietorship businesses include retail shops like stationery shops and sweet shops, as well as personal services like beauty parlors or hair salons.</p> Signup and view all the answers

<p>The features of sole proprietorship include no separate laws or legal formalities involved in starting or closing the business, relatively easy setup and operation, and the owner bearing all the profits, risks, and losses.</p> Signup and view all the answers

<p>Sole proprietorship is the most popular form of business organization, especially for small businesses.</p> Signup and view all the answers

<p>The owner in a sole proprietorship manages and controls the business, making all the decisions and bearing all the profits, risks, and losses.</p> Signup and view all the answers

<p>The characteristics of a sole proprietorship include the owner being a single individual, the owner managing and controlling the business, and there being no separate laws or legal formalities for starting or closing the business.</p> Signup and view all the answers

<p>Examples of sole proprietorship businesses include retail shops like stationery shops and sweet shops, as well as personal services like beauty parlors or hair salons.</p> Signup and view all the answers

<p>The key features of sole proprietorship include the ease of formation and closure, the owner being responsible for all decisions and bearing all profits, risks, and losses, and there being no separate laws or legal formalities for starting or closing the business.</p> Signup and view all the answers