Sole proprietorship: There are several forms of business organization like partnership , corporation, limited liability partnership, and sole proprietorships. Amongst all of the business organization forms, a sole proprietorship is the simplest form. Under a sole proprietorship, the business is owned and controlled by a single person. To indicate: The pros and cons of a ‘sole proprietorship’ form of business.

Question

Want to see the full answer?

Answer 1

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 1, Problem S1.4SE

To determine

Sole proprietorship:

There are several forms of business organization like partnership, corporation, limited liability partnership, and sole proprietorships. Amongst all of the business organization forms, a sole proprietorship is the simplest form. Under a sole proprietorship, the business is owned and controlled by a single person.

To indicate:

The pros and cons of a ‘sole proprietorship’ form of business.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

23 Progressive Manufacturing purchases trees from Tree Nursery and processes them up to the splitoff point, where two products (paper and pencil casings) are obtained. The products are then sold to an independent company that markets and distributes them to retail outlets. The following information was collected for the month of October. Trees processed: 50 trees (yield is 30,000 sheets of paper and 30,000 pencil casings and no scrap) Production: paper 30,000 sheets pencil casings 30,000 Sales: paper 29,000 at $0.04 per page pencil casings 30,000 at $0.10 per casing Cost of purchasing 50 trees and processing them up to the splitoff point to yield 30,000 sheets of paper and 30,000 pencil casings is $1,500. Progressive Manufacturing's accounting department reported no beginning inventories; however, ending inventory amounts reflected 1,000 sheets of paper in stock. What is the approximate cost assigned to the pencil…

I don't need ai answer general accounting

18 Which of the following statements is FALSE? Select one: a. The timing of inspection affects the amount of abnormal spoilage b. The cost of spoiled units is the costs incurred prior to detection c. Spoilage may occur at points other than the inspection point d. The unit costs of abnormal and normal spoilage are the same if detected simultaneously e. Spoilage units cannot be sold

Answer 2

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 1, Problem S1.4SE

To determine

Sole proprietorship:

There are several forms of business organization like partnership, corporation, limited liability partnership, and sole proprietorships. Amongst all of the business organization forms, a sole proprietorship is the simplest form. Under a sole proprietorship, the business is owned and controlled by a single person.

To indicate:

The pros and cons of a ‘sole proprietorship’ form of business.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 1, Problem S1.4SE

To determine

Sole proprietorship:

There are several forms of business organization like partnership, corporation, limited liability partnership, and sole proprietorships. Amongst all of the business organization forms, a sole proprietorship is the simplest form. Under a sole proprietorship, the business is owned and controlled by a single person.

To indicate:

The pros and cons of a ‘sole proprietorship’ form of business.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 1, Problem S1.4SE

To determine