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Question

Answer is Yes or No:
(a) The sole proprietor is the exclusive master of his business.
(b) The liability of a sole proprietor is limited.
(c) A sole proprietorship has no legal existence apart from its owner.
(d) Sole proprietorship is the oldest form of business organisation. 
(e) It is difficult to set up a sole proprietorship. 


Solution

(a) Yes. 
(b) No. The liability of a sole proprietor is unlimited. 
(c) Yes. 
(d) Yes. 
(e) No. It is very easy to set up a sole proprietorship. 

Business Environment, Ethics and Management

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