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Questions and Answers
What is the simplest form of business organization?
What is the simplest form of business organization?
- Partnership
- Sole proprietorship (correct)
- Corporation
- Limited liability company
In a sole proprietorship, who is responsible for all the business decisions and operations?
In a sole proprietorship, who is responsible for all the business decisions and operations?
- An elected board of directors
- The sole proprietor (correct)
- A management team
- A group of shareholders
What is a key characteristic of a sole proprietorship?
What is a key characteristic of a sole proprietorship?
- Simplest to establish (correct)
- Separate legal entity
- Publicly traded shares
- Multiple owners
Which type of business organization provides unlimited liability to the owner?
Which type of business organization provides unlimited liability to the owner?
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