Understanding Business with Connect Access Card
12th Edition
ISBN: 9781260277142
Author: William Nickels, James McHugh, Susan McHugh
Publisher: McGraw-Hill Education
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Question
Chapter 5.1, Problem 1TP
Summary Introduction
To determine: The advantages and disadvantages of sole proprietorships.
Introduction:
When the business is managed and owned by a person single handedly, it is known as sole proprietorship.
Expert Solution & Answer
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Check out a sample textbook solutionStudents have asked these similar questions
Differentiate between partnership and sole proprietorship form of business.
Explain briefly, in your opinion which form of business is better?
If you were to start a business, which ownership form would you choose? What factors might affect your choice?
What 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?
Chapter 5 Solutions
Understanding Business with Connect Access Card
Ch. 5.1 - Prob. 5.1AQCh. 5.1 - Prob. 5.1BQCh. 5.1 - Prob. 1TPCh. 5.1 - Prob. 2TPCh. 5.2 - Prob. 5.2AQCh. 5.2 - Prob. 1MEDCh. 5.2 - Prob. 3TPCh. 5.2 - Prob. 4TPCh. 5.3 - Prob. 5.3AQCh. 5.3 - Prob. 5TP
Ch. 5.3 - Prob. 6TPCh. 5.3 - Prob. 7TPCh. 5.3 - Prob. 8TPCh. 5.4 - Prob. 5.4AQCh. 5.5 - Prob. 5.5AQCh. 5.5 - Prob. 5.5BQCh. 5.5 - Prob. 5.5CQCh. 5.6 - Prob. 9TPCh. 5.6 - Prob. 10TPCh. 5.6 - Prob. 11TPCh. 5 - Prob. 1CECh. 5 - Prob. 2CECh. 5 - Prob. 3CECh. 5 - Prob. 4CECh. 5 - Prob. 1CTCh. 5 - Prob. 2CTCh. 5 - Prob. 3CTCh. 5 - Prob. 4CTCh. 5 - Prob. 1DCSCh. 5 - Prob. 2DCSCh. 5 - Prob. 3DCSCh. 5 - Prob. 4DCSCh. 5 - Prob. 5DCSCh. 5 - Prob. 1PPTCh. 5 - Prob. 2PPTCh. 5 - Prob. 1VCCh. 5 - Prob. 2VCCh. 5 - Prob. 3VC
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Similar questions
- Which form of business is generally most costly to set up but offers the most personal protection? a) Sole proprietorship b) Partnership c) Corporation d) Franchisearrow_forwardWhat is the most concerning disadvantage of sole proprietorship and partnership? Why?arrow_forwardThe needs of the businessperson starting a new business are a major consideration when deciding the best form of business ownership. The kind of business being started is also important to consider when deciding to make your new business a sole proprietorship, partnership, or corporation. Look at the list of new businesses below. , indicate the form of ownership you think would be best for each business and give the reasoning for your selection.arrow_forward
- Discuss the possibility that your startup might become a franchisor in the future. If your business succeeds and begins to grow, would your goods or services be suitable for franchisees? Draft a paragraph or plan a brief (three-minute) presentation explaining why you think your startup might or might not ultimately mature into an attractive franchising operation.arrow_forwardCan a venture be considered to be entrepreneurial if it is a not-for-profit, or should only for-profit businesses be considered entrepreneurial?arrow_forwardWhy do you think selling or owning a business that sells home appliances is not a bad idea? And why should I build a business like this?arrow_forward
- please answer all the questions: 1- Define: A- Sole Proprietorship.B- Partnership.C- Corporation 2-Describe 4 Advantages and 4 Disadvantages of each of these forms of Business.arrow_forwardIn your opinion, what are the main advantages and disadvantages of organizing a firm as a corporation? If you were starting a business, would you use this option and why?arrow_forward1. Can someone who works within an existing organization that they don’t own be considered an entrepreneur if they start an innovative venture for their organization? 2. Can a venture be considered to be entrepreneurial if it is a not-for-profit, or should only for-profit businesses be considered entrepreneurial?arrow_forward
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