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What is a sole proprietorship?

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What’s inside this PDF?

Question: What is a sole proprietorship?

Options:

  1. A business owned by one person
  2. A business owned by multiple partners
  3. A corporation owned by shareholders
  4. A non-profit organization

Correct Answer: A business owned by one person

Solution: 

A sole proprietorship is a business owned and operated by a single individual.

What is a sole proprietorship?

Practice Questions

Q1
What is a sole proprietorship?
  1. A business owned by one person
  2. A business owned by multiple partners
  3. A corporation owned by shareholders
  4. A non-profit organization

Questions & Step-by-Step Solutions

What is a sole proprietorship?
  • Step 1: Understand that a sole proprietorship is a type of business.
  • Step 2: Know that it is owned by one person.
  • Step 3: Realize that the owner is responsible for all decisions and operations.
  • Step 4: Remember that the owner keeps all the profits from the business.
  • Step 5: Acknowledge that the owner also has to pay for any debts or losses.
  • Definition of Sole Proprietorship – A sole proprietorship is a business owned and operated by a single individual.
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