Elroy is the sole proprietor of a gift shop in a small shopping centre.Because he is a sole proprietor,any profit Elroy's business earns is:

Question

Quizplus · Accepted Answer

As a sole proprietor, Elroy and his business are considered as one entity for tax purposes. This means that any profit earned by the business is not separate from Elroy's personal income and is therefore taxed as his personal income.

Elroy Is the Sole Proprietor of a Gift Shop in a Small