Sole Proprietorship Quiz

A type of enterprise owned and run by only one person, with no legal distinction between the owner and the business entity.

The sole trader receives all profits (subject to taxation specific to the business).

Unlimited responsibility for all losses and debts.

<p>A sole proprietorship is owned and run by only one person, while a partnership has at least two owners.</p> Signup and view all the answers

<p>They may have to trademark their business name legally if it differs from their own legal name, with the process varying depending upon country of residence.</p> Signup and view all the answers

<p>Sole proprietorship = Type of enterprise owned and run by only one person Partnership = Business entity with at least two owners Trade name = Name used by a business other than its legal name Fictitious name = Name for a sole proprietorship that is not the owner's legal name</p> Signup and view all the answers

<p>Unlimited responsibility for losses and debts = Sole trader's responsibility for all business debts Registration of business name = Generally uncomplicated process for a sole proprietor Hiring employees = Ability of the sole trader to employ other individuals Trademarking business name = Legal process required if business name differs from owner's legal name</p> Signup and view all the answers

<p>Proprietor = Owner of the sole proprietorship Employee = Individual hired to work for the sole trader Independent consultant = Individual enlisted for specialized services by the sole trader Business entity = Term not applicable as the business is not a separate legal entity in a sole proprietorship</p> Signup and view all the answers

<p>Registering with local authorities = Ensuring uniqueness of the business name Determining non-duplication of business name = Role of local authorities when registering a sole proprietorship Selecting a non-duplicated business name = Consideration when registering a sole proprietorship Trademarking business name legally = Process required if the business name differs from owner's legal name</p> Signup and view all the answers

<p>Owner's profits = Received by the sole trader, subject to specific taxation Debts of the business = Responsibility of the proprietor in a sole proprietorship Assets of the business = Owned by the proprietor in a sole proprietorship Separate legal entity = Not applicable to a sole proprietorship as the business is not separate from the owner</p> Signup and view all the answers

<p>The sole trader receives all profits (subject to taxation specific to the business)</p> Signup and view all the answers

<p>The sole trader has unlimited responsibility for all losses and debts.</p> Signup and view all the answers

<p>A sole proprietorship is owned and run by only one person, while a partnership has at least two owners.</p> Signup and view all the answers

<p>A type of enterprise owned and run by only one person, with no legal distinction between the owner and the business entity.</p> Signup and view all the answers

<p>They may have to trademark their business name legally if it differs from their own legal name.</p> Signup and view all the answers