Sole proprietorship - SS1 Commerce Past Questions and Answers - page 1
What is the main characteristic of a sole proprietorship?
Multiple owners
Limited liability
Complete control by the owner
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Where does the capital for a sole proprietorship typically come from?
Personal savings
Venture capitalists
Government grants
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What does unlimited liability mean in the context of a sole proprietorship?
The owner has limited liability for the business's debts
The owner is personally responsible for all the business's debts
The business is responsible for the owner's debts
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What are some advantages of a sole proprietorship?
Limited liability and tax benefits
Complete control and tax benefits
Access to public funding and limited liability
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What is one of the disadvantages of a sole proprietorship?
Limited control and tax burdens
Unlimited liability and limited financial resources
Access to public funding and expertise
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Define sole proprietorship in simple terms.
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What is the main advantage of a sole proprietorship?
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