ECONOMICS

Determine whether each characteristic describes a sole proprietorship, a general partnership, or a corporation. Note that a characteristic may apply to more than one type of business structure.(2 points)

Generally, a sole proprietorship is simply defined as a kind of unincorporated firm in which the earnings are reported and taxed by the owner as a part of his or her personal income.

In conclusion, Individuals who hold single proprietorships are responsible for all financial obligations of the company.

When two or more individuals work together to run a company, they are said to be "in partnership."

ECONOMICS Determine whether each characteristic describes a sole proprietorship, a general partnership, or a corporation. Note that a characteristic may apply to more than one type of business structure.(2 points)

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What is a sole proprietorship?

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ECONOMICS

Determine whether each characteristic describes a sole proprietorship, a general partnership, or a corporation. Note that a characteristic may apply to more than one type of business structure.(2 points)