10 Questions
What is a Sole Proprietorship?
A business owned and operated by one person
What is one advantage of a Sole Proprietorship?
Complete control for the owner
What is a disadvantage of a Sole Proprietorship?
Difficulty in attracting qualified employees
Why might Sole Proprietorships have a short lifespan?
They have limited potential for growth
What is an advantage of a Sole Proprietorship in terms of decision-making?
Owners have complete control over decisions
Which type of business organization involves unlimited liability for the owner?
Sole Proprietorship
Why might it be difficult for a Sole Proprietorship to attract qualified employees?
Shared decision-making among partners
What is a key advantage of being a Sole Proprietor?
Complete control over decisions and operations
Which aspect of Sole Proprietorship demonstrates personal satisfaction?
Complete control over operations
What factor limits the lifespan of a Sole Proprietorship?
Owner's health and competence
Learn about the characteristics and structure of partnerships in business organizations. Understand how individuals can share profits, liabilities, and decision-making responsibilities in a partnership.
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