Which of the following is true of creating a sole proprietorship?

Name: Which of the following is true of creating a sole proprietorship?
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Creating a sole proprietorship does not require any state government approval. However, depending on the nature of the business, licenses and permits may be required at the city, state or federal level, and the owner will be responsible for paying income tax on the business's profits. No special permission is needed to establish a sole proprietorship.

Which of the Following Is True of Creating a Sole