Sole Proprietorship Quiz

SelfRespectAgate avatar

Start Quiz

Study Flashcards

5 Questions

What type of enterprise is a sole proprietorship?

Owned and run by one person with no legal distinction between the owner and the business entity

What is the responsibility of a sole trader for the losses and debts of the business?

Unlimited responsibility

What is the legal status of the business in a sole proprietorship?

Not a separate legal entity from the proprietor

What may a sole proprietor use as a business name?

Trade name different from their legal name

How does a sole trader receive profits from the business?

Receives all profits subject to business-specific taxation

Test your knowledge of sole proprietorships with this quiz! Explore the characteristics, advantages, and disadvantages of this type of business structure. See how much you know about the legal and financial aspects of running a sole proprietorship.

Make Your Own Quizzes and Flashcards

Convert your notes into interactive study material.

Get started for free
Use Quizgecko on...