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Business Studies

Sole Proprietorship

Name the busi...

Question

Name the business organisation in which the owner is considered as the sole risk bearer and profit recipient.

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Solution

Sole proprietorship

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Q. All the profits or ___ which are earned from the business are to be enjoyed by sole owner.

Q. 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.

In sole proprietorship, the owner takes all decisions and is in full control of the business.

Identify the merits or limitation of sole proprietorship hidden in the quoted line.

(a) "The sole proprietor can easily change the size of the business."

(b) "All the profits of the business belong to the sole proprietor."

(c) ''Inability of the owner to manage all the activities of business himself.

Q. Sole proprietorship form of business organisation is suitable ________.

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