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Types of Business Organizations: Partnership

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Types of Business Organizations: Partnership

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Questions and Answers

What is a Sole Proprietorship?

A business owned by shareholders

A business owned and operated by one person (correct)

A business owned by multiple partners

A business owned by the government

What is one advantage of a Sole Proprietorship?

Limited liability for the owner

Complete control for the owner (correct)

Easier to attract qualified employees

Shared decision-making among partners

What is a disadvantage of a Sole Proprietorship?

Difficulty in attracting qualified employees (correct)

Easy to quit the business

Shared responsibility among partners

Limited liability for the owner

Why might Sole Proprietorships have a short lifespan?

They have limited potential for growth Signup and view all the answers

What is an advantage of a Sole Proprietorship in terms of decision-making?

Owners have complete control over decisions Signup and view all the answers

Which type of business organization involves unlimited liability for the owner?

Sole Proprietorship Signup and view all the answers

Why might it be difficult for a Sole Proprietorship to attract qualified employees?

Shared decision-making among partners Signup and view all the answers

What is a key advantage of being a Sole Proprietor?

Complete control over decisions and operations Signup and view all the answers

Which aspect of Sole Proprietorship demonstrates personal satisfaction?

Complete control over operations Signup and view all the answers

What factor limits the lifespan of a Sole Proprietorship?

Owner's health and competence Signup and view all the answers