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Questions and Answers
What is the legal distinction between the owner and the business entity in a sole proprietorship?
What is the legal distinction between the owner and the business entity in a sole proprietorship?
- The business entity is responsible for debts
- The owner and the business entity are legally separate
- There is no legal distinction (correct)
- The owner has limited liability
Who receives all profits in a sole proprietorship?
Who receives all profits in a sole proprietorship?
- The sole trader (correct)
- The business entity
- The employees
- The government
What is the responsibility of the sole trader for the losses and debts in a sole proprietorship?
What is the responsibility of the sole trader for the losses and debts in a sole proprietorship?
- Shared responsibility with employees
- Unlimited responsibility (correct)
- No responsibility
- Limited responsibility
How many owners does a sole proprietorship have?
How many owners does a sole proprietorship have?
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Can a sole proprietor use a trade name different from their legal name?
Can a sole proprietor use a trade name different from their legal name?
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What is a partnership?
What is a partnership?
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When were partnerships first implemented?
When were partnerships first implemented?
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What did partnerships contribute to in Europe?
What did partnerships contribute to in Europe?
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What is a possible form of a partnership?
What is a possible form of a partnership?
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Who can be partners in a partnership?
Who can be partners in a partnership?
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