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What is the simple meaning of sole proprietorship?

Answer and explanation

Correct answer: A business owned and run by one person

Sole proprietorship is a business owned and controlled by one individual. The proprietor usually makes decisions, contributes or arranges resources, receives the business results, and bears the business risk subject to the applicable legal framework. Therefore option A is correct. City ownership, customer ownership, or automatic government operation does not define this form.

Related tags

Sole-ProprietorshipOwnershipBusiness-TypeSole ProprietorshipForms Of Business OrganisationBusiness StudiesClass 11 Mcq

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