Anita Persaud has opened a new downtown boutique. She wants to pay minimal taxes and she wants to remain in complete control of her company and be her own boss. What form of ownership should she choose?

Question

Quizplus · Accepted Answer

A sole proprietorship is the simplest and most common form of ownership. It is a business owned and operated by one person, and there is no legal separation between the business and the owner. This means that Anita would have complete control over her company and would not have to share profits or decision-making with anyone else. Additionally, since the business is not a separate legal entity, any profits or losses are reported on Anita's personal tax return, which may result in lower taxes than if she were to form a corporation.

Anita Persaud Has Opened a New Downtown Boutique