Accounting chapter 1 homework answers
What does “sole proprietorship” mean in business?
A sole proprietorship is the most common way to start a business in the U.S. A sole proprietorship, also called a sole trader or a proprietorship, is an unincorporated business with just one owner who pays personal income tax on the business’s profits. Many business owners use their own names because they don’t need a separate business or trade name. A sole proprietorship is the easiest type of business to open and close because there are no rules from the government. Because of this, sole proprietors, people who work for themselves, and consultants like these types of businesses a lot.