Sole proprietorship - SS1 Commerce Past Questions and Answers - page 1
1
What is the main characteristic of a sole proprietorship?
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A
Multiple owners
B
Limited liability
C
Complete control by the owner
2
Where does the capital for a sole proprietorship typically come from?
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A
Personal savings
B
Venture capitalists
C
Government grants
3
What does unlimited liability mean in the context of a sole proprietorship?
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A
The owner has limited liability for the business's debts
B
The owner is personally responsible for all the business's debts
C
The business is responsible for the owner's debts
4
What are some advantages of a sole proprietorship?
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A
Limited liability and tax benefits
B
Complete control and tax benefits
C
Access to public funding and limited liability
5
What is one of the disadvantages of a sole proprietorship?
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A
Limited control and tax burdens
B
Unlimited liability and limited financial resources
C
Access to public funding and expertise
6
Define sole proprietorship in simple terms.
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7
What is the main advantage of a sole proprietorship?
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