Why are most firms sole proprietorships -- what advantages do they have over other types of organizations?
A. They are easily formed, management is in one person's hands, and profits are not shared.
B. They get special tax breaks and there is limited liability for debts.
C. They can easily borrow money and seldom go bankrupt.
D. They are the most easily expanded with great opportunities for acquiring additional financial capital.

Question

Masi Masi

27-03-2015
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Answered

Why are most firms sole proprietorships -- what advantages do they have over other types of organizations?
A. They are easily formed, management is in one person's hands, and profits are not shared.
B. They get special tax breaks and there is limited liability for debts.
C. They can easily borrow money and seldom go bankrupt.
D. They are the most easily expanded with great opportunities for acquiring additional financial capital.

Answer :

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Maureen3 Maureen3 · Answer 1 · 2015-03-27T13:31:33-04:00

A. They are easily formed, management is in one persons' hands, and profits are not shared.
This creates a business, with a uniquely independent touch. The business is owned and is run by one single person and he/she has sole control of all of the different aspects of the businesses' finances. This is the complete opposite of a partnership, as a proprietorship belongs to one person and is not a company that has been merged. Most proprietorships start as small businesses where the owner has to take a loan and put his or her own money into funding the business he desires.