Sole Proprietorship
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Questions and Answers

What is a characteristic of a sole proprietorship?

  • Separate existence from the owner
  • Limited liability
  • Unlimited liability (correct)
  • Difficult to start

    • What is a disadvantage of a sole proprietorship regarding debts?

  • Debts can only be recovered from the business
  • Debts are limited to the amount invested
  • Debts are shared with partners
  • Debts can only be recovered from the proprietor (correct)

    • What type of business is a sole proprietorship best suited for?

  • Small businesses (correct)
  • Businesses requiring loans
  • Large corporations
  • Businesses facing potential fines or penalties

    • What is required to start a sole proprietorship?

    <p>A government registration relevant to the business</p> Signup and view all the answers

    What might a sole proprietor need if selling goods online?

    <p>A sales tax registration</p> Signup and view all the answers

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