Sole proprietorship

A sole proprietor has

• Limited liability

• Unlimited liability

• No liability for debts

• Joint liability

Sole proprietorship is more suitable for large-scale business.

• True

• False

Profits do not have to be shared. This statement refers to

• Partnership

• Joint Hindu family business

• Sole proprietorship

• Company

Which of the following is not the feature of the sole trade?

• Individual ownership

• Limited liability

• Secrecy

• Undivided risk

Which of the following is not the advantage of the sole trader?

• Easy formation

• Quick decision

• Unlimited liability

• Personal control

Which of the following is the limitation of the Sole trader?

• Unlimited liability

• Limited source of capital

• Unbalanced management

• All of the above

Is a sole proprietor bound to publish his/her business accounts?

• Yes

• No

The sole trade is useful for beauty parlour.

• True

• False

For starting Sole proprietorship, expert persons and enough capital are required.

• True

• False

"Working for oneself provides personal satisfaction." Which merit of sole proprietorship is highlighted in this statement?