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Question
What do you understand by a sole proprietorship firm?
Solution
In a sole proprietorship form of business, the business is owned, managed and controlled by a single individual who is known as the sole proprietor. As the sole owner of the business, the proprietor becomes the single recipient of all the profits earned by the business and, in the same way, has to bear all losses.
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RELATED QUESTIONS
Features of sole trading concern.
‘One man show’ type of business organization.
Sole trading concern and Partnership firm .
A sole trading concern ensures ______________ business secrecy.
Match the pairs :
|
Group 'A' |
Group 'B' |
||
| (a) | Sole trader | (1) | Compensation upto Rs 20 lacs |
| (b) | Globalisation | (2) | Minimum two members |
| (c) | District Forum | (3) | Dr. Deming |
| (d) | Private company | (4) | Regional market |
| (e) | Total Quality Management | (5) | F. W. Taylor |
| (6) | Minimum seven members | ||
| (7) | Maximum secrecy | ||
| (8) | Compensation more than Rs 20 lacs | ||
| (9) | International market | ||
| (10) | Minimum secrecy | ||
Select the proper option from the options given below and rewrite the completed sentence.
A sole proprietorship is the ________ form of organization.
Match the correct pairs.
Write a word or a phrase or a term which can substitute the following.
The owner is the sole manager and decision maker of his business.
Write a word or a phrase or a term which can substitute the following.
An artificial person created by law.
State Whether the Following Statement Is True Or False (Give Reason).
A sole trader can take prompt decisions and quick actions.
State Whether the Following Statement Are True Or False (Give Reason)
Sole Trading Concern is convenient and suitable when the market of goods is local.
The Karta in Joint Hindu family business has
The board of directors of a joint-stock company is elected by
Profits do not have to be shared. This statement refers to
The Head of the joint Hindu family business is called
A partner whose association with the firm is unknown to the general public is called
