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Questions and Answers
What is a characteristic of a sole proprietorship?
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?
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?
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?
What is required to start a sole proprietorship?
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What might a sole proprietor need if selling goods online?
What might a sole proprietor need if selling goods online?
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