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
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Question
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
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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Chapter 4 Solutions
Foundations of Business - Standalone book (MindTap Course List)
Ch. 4 - Prob. 1CCCh. 4 - Prob. 2CCCh. 4 - Prob. 3CCCh. 4 - Prob. 4CCCh. 4 - Prob. 5CCCh. 4 - Prob. 6CCCh. 4 - Prob. 7CCCh. 4 - Prob. 8CCCh. 4 - Prob. 9CCCh. 4 - Prob. 10CC
Ch. 4 - Prob. 11CCCh. 4 - Prob. 12CCCh. 4 - Prob. 13CCCh. 4 - Prob. 14CCCh. 4 - Prob. 15CCCh. 4 - Prob. 16CCCh. 4 - Prob. 17CCCh. 4 - Prob. 18CCCh. 4 - Prob. 19CCCh. 4 - Prob. 20CCCh. 4 - Prob. 21CCCh. 4 - Prob. 22CCCh. 4 - Prob. 1DQCh. 4 - Prob. 2DQCh. 4 - Prob. 3DQCh. 4 - Prob. 4DQCh. 4 - Prob. 5DQ
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- What is the process of converting a sole proprietorship into a different business ownership structure?arrow_forwardWhat are the three basic forms of business ownership?arrow_forwardWhat are the key differences between sole proprietorships, partnerships, and corporations in terms of ownership structure and management responsibilities?arrow_forward
- What is a tightly owned company, and why do certain businesses opt for this ownership structure?arrow_forwardWhat is joint stock company and what are its characteristics?arrow_forwardWhat are the primary types of business ownership and how do they differ in terms of liability, decision-making authority, and profit distribution?arrow_forward
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