Asked by Robbie Thomas on Apr 25, 2024
Verified
The simplest form of a business, in which one individual owns the business, is entitled to any profits, and is personally liable for all debts or obligations, is known as a
A) partnership.
B) professional corporation.
C) sole proprietorship.
D) business corporation.
Sole Proprietorship
A business owned and operated by one person, where there is no legal distinction between the owner and the business entity.
Obligations
Duties or responsibilities enforced by law, contract, or moral principles.
Belong
refers to being part of, fitting in, or being rightly placed in a specific context or environment.
- Comprehend the fundamental structures of business organization, such as sole proprietorship, partnership, and corporations.
Verified Answer
GP
Garry Patton7 days ago
Final Answer :
C
Explanation :
A sole proprietorship is the simplest business form under which one can operate a business. It is not a legal entity and simply refers to a person who owns the business and is personally responsible for its debts.
Learning Objectives
- Comprehend the fundamental structures of business organization, such as sole proprietorship, partnership, and corporations.