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What is a primary advantage of a sole proprietorship?

Practice Questions

Q1
What is a primary advantage of a sole proprietorship?
  1. Limited liability
  2. Ease of formation
  3. Access to capital
  4. Shared decision-making

Questions & Step-by-Step Solutions

What is a primary advantage of a sole proprietorship?
  • Step 1: Understand what a sole proprietorship is. It is a type of business owned and run by one person.
  • Step 2: Recognize that starting a sole proprietorship is simple. You don't need to fill out a lot of paperwork.
  • Step 3: Realize that there are few legal requirements to start this type of business, making it quick to set up.
  • Step 4: Conclude that the primary advantage of a sole proprietorship is its ease of formation due to minimal legal formalities.
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