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Which of the following is a characteristic of a sole proprietorship?

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Question: Which of the following is a characteristic of a sole proprietorship?

Options:

  1. Limited liability
  2. Single ownership
  3. Double taxation
  4. Complex structure

Correct Answer: Single ownership

Solution: 

A sole proprietorship is owned and operated by a single individual, making single ownership its defining characteristic.

Which of the following is a characteristic of a sole proprietorship?

Practice Questions

Q1
Which of the following is a characteristic of a sole proprietorship?
  1. Limited liability
  2. Single ownership
  3. Double taxation
  4. Complex structure

Questions & Step-by-Step Solutions

Which of the following is a characteristic of a sole proprietorship?
  • Step 1: Understand what a sole proprietorship is. It is a type of business that is owned and run by one person.
  • Step 2: Identify the key feature of a sole proprietorship. The main characteristic is that there is only one owner.
  • Step 3: Recognize that this single ownership means the owner makes all the decisions and keeps all the profits.
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