A business where an individual is both the owner and conductor of the business affairs is called _______________. Select one: a. Sole proprietorship b. Corporation c. Partnership d. None of the above
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Sole Proprietorship....
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Answer:
Sole Proprietorship is a type of business where an individual is both the owner and conductor of the business affairs.
Explanation:
A business can be of three types. They are as follows:-
- Sole Proprietorship,
- Partnership and
- Company.
Sole Proprietorship is known as the one-man show as it is run by a single owner. The owner can hire other people to help him for running the business but he can not share the ownership with them if he wants to continue the sole proprietorship. The business would become a partnership business the moment he shares the ownership with another person. It becomes a corporation when the business becomes a separate legal entity.
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