Foundations of Business - Standalone book (MindTap Course List)
Foundations of Business - Standalone book (MindTap Course List)
4th Edition
ISBN: 9781285193946
Author: William M. Pride, Robert J. Hughes, Jack R. Kapoor
Publisher: Cengage Learning
Question
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Chapter 4, Problem 1CC
Summary Introduction

To determine: The meaning of sole proprietorship.

Introduction: A sole proprietorship is a business that is owned and managed by one individual and the least complex type of business to begin the business, organize, and close the business.

Expert Solution & Answer
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Explanation of Solution

The meaning of sole proprietorship is as follows:

Sole proprietorship: A sole proprietorship is a type of business association, wherein a single individual claims, oversees and directs all the business actions and the person who runs the business is called as a sole proprietor.

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