### Business Structures: Sole Proprietorships and Organizational Forms#### Sole Proprietorship Advantages**Question 22:** Identify which of the following is NOT an advantage of a Sole Proprietorship:A. Unlimited liability B. Easy and inexpensive to form C. Single owner has complete control over all decisions D. Easy tax preparation E. Limited government regulation **Topic Explanation:**A Sole Proprietorship is a simple business structure where one individual owns and operates the business. The potential advantages include:- **Ease of Formation (B)**: Setting up a sole proprietorship is generally straightforward and budget-friendly.- **Owner Control (C)**: The sole owner makes all the business decisions independently.- **Tax Preparation (D)**: Often simpler compared to other business structures.- **Regulatory Ease (E)**: Typically, there is less government oversight.**Important Note:**- **Unlimited Liability (A)** is NOT an advantage. It implies that the owner is personally responsible for all debts and liabilities.#### Organizational Forms**Question 23:** Identify the form that combines traits of corporations, partnerships, and sole proprietorships:A. Joint venture B. Cooperative **Topic Explanation:**A Cooperatives is a unique organizational structure that blends elements from various business types. It allows for shared ownership and democratic decision-making, often leading to synergies from combined resources and responsibilities. --- This content is designed to aid in understanding different business structures and their characteristics, relevant for aspiring entrepreneurs and business students.

Meaning of Sole proprietorship A sole proprietorship business is a business that is owned and…

22. All of the following are advantages of a Sole Proprietorship except: A. Unlimited liability B. Easy and inexpensive to form C. Single owner has complete control over all decisions D. Easy tax preparation E. limited government regulation

22. All of the following are advantages of a Sole Proprietorship except: A. Unlimited liability B. Easy and inexpensive to form C. Single owner has complete control over all decisions D. Easy tax preparation E. limited government regulation

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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