Scenario - Holly and Trent
While many others dreamed about owning their own business, Holly Gabrel decided to do something about it. Holly knew that being self-employed required long hours and hard work, but with the help of her husband, Trent, Holly was positive that the hours and the work would be rewarded. First, she and Trent developed a new concept in sunglasses that could be used by athletes better than the sunglasses now on the market. Holly and Trent obtained a patent on their invention, and began production and marketing.
-If the business is legally Holly's, then the business form would be:
A) proprietorship.
B) partnership.
C) corporation.
D) chapter S42.5.
E) none of these.

Question

Scenario - Holly and Trent 
While many others dreamed about owning their own business, Holly Gabrel decided to do something about it. Holly knew that being self-employed required long hours and hard work, but with the help of her husband, Trent, Holly was positive that the hours and the work would be rewarded. First, she and Trent developed a new concept in sunglasses that could be used by athletes better than the sunglasses now on the market. Holly and Trent obtained a patent on their invention, and began production and marketing.
-If the business is legally Holly's, then the business form would be:
A) proprietorship.
B) partnership.
C) corporation.
D) chapter S42.5.
E) none of these.

Quizplus · Accepted Answer

The scenario states that the business is legally Holly's, indicating that she is the sole proprietor. A proprietorship is a business form where a single person owns and runs the business. It is the simplest form of business organization and is not a separate legal entity from the owner. Therefore, A) proprietorship is the correct answer.