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What is a Sole Proprietorship? - Definition, Advantages, Disadvantages & Examples

Instructions:

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question 1 of 3

Which of the following businesses represents a sole proprietorship?

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1. A sole proprietorship must register with which of the following?

2. How much protection from liability does a sole proprietorship offer?

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About This Quiz & Worksheet

Test your comprehension of the related lesson on the characteristics of sole proprietorships with this quiz and worksheet combo. Some of the information that you will need to know for the quiz includes sole proprietorship registration and tax regulations.

Quiz & Worksheet Goals

Use this printable worksheet and quiz to review:

  • Ownership of sole proprietorships
  • Registration requirements for sole proprietorships
  • Liabilities of sole proprietorships
  • Tax procedures of sole proprietorships

Skills Practiced

  • Information recall - access the knowledge you've gained regarding ownership, requirements, and liabilities of sole proprietorships
  • Reading comprehension - ensure that you draw the most important information from the related lesson on the characteristics of sole proprietorships
  • Interpreting information - verify that you can read information regarding sole proprietorships and interpret it correctly

Additional Learning

To learn more about sole proprietorships, review the accompanying lesson entitled What is a Sole Proprietorship? - Definition, Advantages, Disadvantages & Examples. This lesson covers the following objectives:

  • Understand the meaning of sole proprietorship
  • Discover the advantages of sole proprietorships
  • Explain the legal obligations and liabilities of sole proprietorships
  • Describe the disadvantages of sole proprietorships
  • Identify forms of business ownership other than sole proprietorships
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