Foundations of Business (MindTap Course List)
6th Edition
ISBN: 9781337386920
Author: William M. Pride, Robert J. Hughes, Jack R. Kapoor
Publisher: Cengage Learning
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Question
Chapter 4.1B, Problem 2CC
Summary Introduction
To determine: The advantages 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. 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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What are the advantage and disadvantage of sole proprietorship?
What is the most concerning disadvantage of sole proprietorship and partnership? Why?
Differentiate between partnership and sole proprietorship form of business.
Explain briefly, in your opinion which form of business is better?
Chapter 4 Solutions
Foundations of Business (MindTap Course List)
Ch. 4.1B - Prob. 1CCCh. 4.1B - Prob. 2CCCh. 4.1B - Prob. 3CCCh. 4.2B - Prob. 1CCCh. 4.2B - Prob. 2CCCh. 4.2B - Prob. 3CCCh. 4.3C - Prob. 1CCCh. 4.3C - Prob. 2CCCh. 4.4B - Prob. 1CCCh. 4.4B - Prob. 2CC
Ch. 4.4B - Prob. 3CCCh. 4.4B - Prob. 4CCCh. 4.5B - Prob. 1CCCh. 4.5B - Prob. 2CCCh. 4.6C - Prob. 1CCCh. 4.6C - Prob. 2CCCh. 4.7B - Prob. 1CCCh. 4.7B - Prob. 2CCCh. 4.8C - Prob. 1CCCh. 4.8C - Prob. 2CCCh. 4.8C - Prob. 3CCCh. 4.8C - Prob. 4CCCh. 4 - Prob. 1DQCh. 4 - Prob. 2DQCh. 4 - Prob. 3DQCh. 4 - Prob. 4DQCh. 4 - Prob. 5DQCh. 4 - Prob. 6DQ
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Similar questions
- What are the key differences between sole proprietorships, partnerships, and corporations in terms of ownership structure and management responsibilities?arrow_forwardWhat advantages does the corporate form of organization have over sole proprietorships or partnerships?arrow_forwardWhat is joint stock company and what are its characteristics?arrow_forward
- Compare and contrast the (1) sole proprietorship and (2) partnership forms of business organizations. If a person were to start their own business, which of these 2 forms should they choose? Why?arrow_forwardlist how does the growth and scalability of a sole proprietorship compare to other forms of business?arrow_forwardWhat is meant by sole proprietorships?arrow_forward
- What are the main differences between general partnership and limited partnership?arrow_forwardWhat is the process of converting a sole proprietorship into a different business ownership structure?arrow_forwardWhat is the difference between a stakeholder and a stockholder? What type of stakeholder is a shareholder?arrow_forward
- What are the similarities and differences between a private corporation and a cooperative?arrow_forwardWhat are the key considerations for entrepreneurs when choosing between different types of business ownership, such as sole proprietorship, partnership, and corporation, and how do these choices impact various aspects of management?arrow_forwardhow is a limited partnership transferred or sold and how the ownership interests would be handled?arrow_forward
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