Question

Profits do not have to be shared. This statement refers to
(a) Partnership
(b) Joint Hindu family business
(c) Sole proprietorship
(d) Company

Answer 1

Answer:

Profits do not have to be shared. This statement refers to Sole proprietorship.

Among the given options option (c)  SOLE PROPRIETORSHIP is the correct answer.

Explanation:

There is no separate act for sole proprietorship. In sole  trading concern there should not be more than one person. There are no legal formalities which are to be fulfilled. There is no question of agreement in sole trading concern.

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Here are some more questions from this chapter :  

In a cooperative society the principle followed is  

(a) One share one vote  

(b) One man one vote  

(c) No vote  

(d) Multiple votes

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The board of directors of a joint stock company is elected by  

(a) General public  

(b) Government bodies  

(c) Shareholders  

(d) Employees

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