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Questions and Answers
What type of business is a sole proprietorship?
What type of business is a sole proprietorship?
- Public company
- Private company
- Owned and operated by one person (correct)
- Partnership
In a sole proprietorship, who is responsible for all the business's debts and obligations?
In a sole proprietorship, who is responsible for all the business's debts and obligations?
- Shareholders
- Government
- Creditors
- The owner (correct)
What is a key characteristic of a sole proprietorship?
What is a key characteristic of a sole proprietorship?
- Lack of legal formalities
- Issuance of stock to raise capital
- Multiple owners with shared liability
- Unlimited liability for the owner (correct)
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Study Notes
What type of business is a sole proprietorship? In a sole proprietorship, who is responsible for all the business's debts and obligations? What is a key characteristic of a sole proprietorship?
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