What type of business is a sole proprietorship? A. A business with two or more owners B. A business that sells only one product C. A business owned and managed by one person D. A business with many stockholders
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What type of business is a sole proprietorship? A. A business with two or more owners B. A business that sells only one product C. A business owned and managed by one person D. A business with many stockholders
The correct answer is C. A business owned and managed by one person.
A sole proprietorship is a type of business entity that is owned and operated by a single individual. This means that the owner has complete control over the business and is personally responsible for all its debts and obligations. It’s a simple and common form of business structure, especially for small businesses and freelancers. If you have any more questions or need further clarification, let me know!