Question

5. "The individual proprietor is the supreme judge of all
matters pertaining to his business
subject only to the general laws of the land and to such special legislation as may affect his
particular business." Comment.​

Answer 1

Answer:

THE DEFINITION GIVEN ABOVE IS OF KIMBALL & KIMBALL.

In this definition, he is trying to convey that the proprietor is the only individual in a sole proprietorship business, who is the supreme judge of all the internal and external affairs in his sole proprietorship business.

He is the only person who has to give capital and create his own business individually. He alone bears all the profits and losses of the business and is individually responsible for it. It explains that no legislation or legal formalities are required to form that particular business.

In short, sole proprietorship is a form of business that is owned, managed and controlled by an individual. It is a "One Man Show".