Business Law 2 Flashcards
What is a Sole Prioprietorship
A different persona of an individual of an. sole control and sole responsibility
A sole proprietorship not:
A legal entity
Sole proprietorship does what
Enables you to conduct business without creating a legal organization
What are some legal aspects of a sole proprietorship
Having to buy a business license or obtaining a DBA
What is a DBA Stand for Sole proprietorship
Doing Business As registration
What is another legal aspect of a Sole Proprietorship
Filling out additional tax forms
Sole Proprietor is liable for what
Business debt
Are there any legal filing requirements with any governmental entity
NO
A noteworthy aspect of the Sole Proprietorship is that the owner has what
unlimited liability for business debts
Sole Proprietorships is the most what
popular form of business in the U.S.
Is this an advantage or disadvantage: Owner receives all the profits
advantage
True or false: There is no sharing or profits unless you want to include the government
True
Is this an advantage or disadvantage: A sole proprietorship is easier to start than any other organizational form
advantage
Is this an advantage or disadvantage start-up costs are low
advantage
Is it typical and recommended for a sole proprietorship to open a business bank account with minimal funds
Yes
Is this true or false Aside from getting business cards, stationary printed up and paying for a business license, there are no other required costs to get the business up an running
True
Is this an advantage or disadvantage: Minimal government requirements. The only exception business license and fictious business name
advantage
Is this an advantage or disadvantage: Autonomy. For better or worse the owner makes all the decisions and determines what makes all the decisions and determines what actions are to be take at which times. Avoid the problem of reading an agreement among people
advantage
Advantage or disadvantage: Ease of transferring ownership. You can transfer your business easily to another person
Advantage
Advantage or disadvantage Sole proprietorsh
