Jonathan Lopez wants to be his own boss and ventures into retailing fruit in the neighborhood after borrowing some money from his mother. While obtaining a license to carry out business in his city, Jonathan mentions the money he borrowed but forgets to specify what type of business undertaking his store will be. Under which of the following major forms of business is Jonathan's store listed by default?
A) a general partnership
B) a sole proprietorship
C) a limited partnership
D) a limited liability corporation
Correct Answer:
Verified
Q1: A sole proprietor is legally responsible for
Q2: An entrepreneur is a person who forms
Q4: A sole proprietorship cannot be easily transferred
Q5: In a sole proprietorship, the business is
Q6: The designation of d.b.a. (doing business as)
Q7: The sole proprietor has _ liability.
A) zero
Q8: Which of the following is true of
Q9: A _ is a document that is
Q10: A trade name statement refers to a
Q11: Why does a sole proprietorship not pay
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