Sanford Lee is planning to open a pizza parlour. He has a secret tomato sauce recipe that he does not want to divulge to anyone. Lee also wants to have sole responsibility for all business decisions. What sort of organization should Lee form?
A) limited cooperative
B) joint venture
C) sole proprietorship
D) limited partnership

Question

Quizplus · Accepted Answer

A sole proprietorship is a type of business organization in which an individual owns and manages the business. This is the best choice for Sanford Lee as he wants complete control over all business decisions and also wants to keep his secret tomato sauce recipe private. Additionally, a sole proprietorship is easy to set up, has low operating costs, and offers tax benefits.

Sanford Lee Is Planning to Open a Pizza Parlour