proprac midterm|QUESTIONS WITH 100% CORRECT ANSWERS|VERIFIED

proprac midterm • COSTING • TAX • OWNERSHIP • JURISDICTION REQUIREMENTS OF YOUR ENTERPRISE ANSWER- Considerations of choosing the right Business structure SOLE PROPRIETORSHIP ANSWER- • SIMPLEST AND LEAST FORMAL TYPE OF BUSINESS STRUCTURE • A SINGLE INDIVIDUAL HAS FULL CONTROL AND AUTHORITY OVER THE BUSINESS • OWNER / PROPRIETOR OWNS ALL ASSETS OF THE COMPANY SOLELY RESPONSIBLE FOR ALL ITS LIABILITIES THE OWNER AND THE BUSINESS ARE THE SAME ENTITY • UKAY-UKAY BUSINESS • BAKING BUSINESS • LAUNDRY SHOP • COMPUTER SHOP • SALON ANSWER- EXAMPLE OF COMMON SOLE PROPRIETORSHIP BUSINESSES • DESIGN FIRM • CONSULTANCY FIRM ANSWER- ARCHITECTURE-RELATED SOLE PROPRIETORSHIP BUSINESSES • LITTLE PAPERWORK NEEDED apply for a business name and register your business with the Department of Trade and Industry (DTI) • COMPLETE CONTROL OVER BUSINESS DECISIONS • INEXPENSIVE TO START • ENJOY AND KEEP ALL THE PROFITS FROM THE BUSINESS ANSWER- PROS OF SOLE PROPRIETORSHIP DEPARTMENT OF TRADE AND INDUSTRY ANSWER- DTI • PERSONALLY AND FULLY LIABLE FOR YOUR BUSINESS' DEBTS