Grade 11 Exam > Grade 11 Videos > Sole Proprietorship
Sole Proprietorship Video Lecture - Grade 11
FAQs on Sole Proprietorship Video Lecture - Grade 11
| 1. What is a sole proprietorship? |  |
Ans. A sole proprietorship is a type of business structure in which a single individual owns and operates the business. The individual is solely responsible for the business's liabilities and debts and has complete control over the business's operations.
| 2. What are the advantages of a sole proprietorship? | |
Ans. The advantages of a sole proprietorship include complete control over the business's operations, minimal legal requirements, and the ability to keep all profits earned by the business. Additionally, the business owner has the flexibility to make quick decisions and can easily dissolve the business when necessary.
| 3. What are the disadvantages of a sole proprietorship? | |
Ans. The disadvantages of a sole proprietorship include unlimited personal liability for the business's debts and obligations, limited funding options, and limited expertise in certain areas of business. Additionally, the business owner may have difficulty attracting and retaining employees due to the lack of benefits and job security.
| 4. What are the legal requirements for a sole proprietorship? | |
Ans. The legal requirements for a sole proprietorship vary by state and industry. However, most sole proprietors are required to obtain any necessary licenses and permits, register for any necessary taxes, and comply with any applicable zoning and safety regulations.
| 5. How is a sole proprietorship taxed? | |
Ans. A sole proprietorship is not taxed as a separate entity. Instead, the business owner reports all profits and losses on their personal income tax return and pays taxes at their individual tax rate. Additionally, the business owner is required to pay self-employment taxes on the business's net income.
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Nov 16, 2024 Last updated |
Sole Proprietorship for Grade 112024 is part of Grade 11 preparation. The notes and questions for Sole Proprietorship
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