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6 Questions

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Sole Proprietorship Quiz

Created by

@WellMadeSpessartine

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Questions and Answers

What is a sole proprietorship?

A type of enterprise owned and run by one person (correct)

A type of enterprise with no legal requirements

A type of enterprise where the owner is not involved in the business operations

A type of enterprise owned by multiple people

What distinguishes a sole proprietorship from other types of enterprises?

It is exempt from taxation

It is always a large-scale enterprise

There is no legal distinction between the owner and the business entity (correct)

It must have multiple owners

Can a sole trader work alone?

Yes, but they cannot have any employees

No, they are legally prohibited from employing others

Yes, but they may also employ other people (correct)

No, they must always work with a business partner

What is the legal distinction between the owner and the business entity in a sole proprietorship?

There is no legal distinction between the owner and the business entity in a sole proprietorship. Signup and view all the answers

Can a sole trader work alone?

A sole trader does not necessarily work alone and may employ other people. Signup and view all the answers

What is another name for a sole proprietorship?

A sole proprietorship is also known as a sole tradership or individual entrepreneurship. Signup and view all the answers

Study Notes

Sole Proprietorship

A sole proprietorship is a type of business owned and operated by one individual.
It is distinguished from other types of enterprises in that the owner has complete control and responsibility for the business.

Key Characteristics

A sole proprietor can work alone or hire employees, but the business is ultimately owned and managed by one person.
There is no legal distinction between the owner and the business entity in a sole proprietorship, meaning the owner is personally responsible for all business debts and obligations.