what are the primary advantages to choosing a sole proprietorship? select all that apply. it can be…

what are the primary advantages to choosing a sole proprietorship? select all that apply. it can be inexpensive and easy to set up. decisions are in the hands of many people. the owner is not liable for the company’s debts. many types of business taxes are not required. owners can keep profits for themselves.

what are the primary advantages to choosing a sole proprietorship? select all that apply. it can be inexpensive and easy to set up. decisions are in the hands of many people. the owner is not liable for the company’s debts. many types of business taxes are not required. owners can keep profits for themselves.

Answer

Brief Explanations:

  • A sole - proprietorship is easy and inexpensive to set up as it has few legal formalities.
  • Decisions are made by the sole owner, not many people.
  • The owner has unlimited liability for company debts.
  • Many business taxes like corporate income tax are not applicable.
  • The sole owner keeps all the profits.

Answer:

  • It can be inexpensive and easy to set up.
  • Many types of business taxes are not required.
  • Owners can keep profits for themselves.