Question

What is excluded from the major forms of business ?
Sole proprietorship
partnership
creditorship
Cooperative​

Answer 1

Question:

Q.1 What is excluded from the major forms of business ?

Answer:

Sole proprietorship

Answer 2

Sole proprietorship is excluded the major forms of business.

Explanation:

• A sole proprietorship is a business that is unincorporated and has only one owner who is liable for paying personal income tax on profits.
• Sole proprietorships are popular among small business owners and contractors because they do not require government intervention in their creation.
• In order to keep up with the company's growth, many sole proprietorships are converted into LLCs.
• One of the most significant disadvantages of sole proprietorships is that, because they are not registered, they are not protected by the government. This indicates that the business's liabilities extend to the owner.
• Sole owners must complete Form 1040 and Schedule C in order to pay taxes.