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Ortega ch 8 - Chapter8:BusinessLegalForms 1 Theoldest, a...

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Chapter 8: Business Legal Forms 1. The oldest, most common form of private business ownership in the United States is the ____. a. Corporation b. Nonprofit corporation c. Sole proprietorship d. Partnership ANS: C The oldest, most common form of private business ownership in the United States is the sole  proprietorship. 2. A ____ is a business owned and managed by one individual. 3. A small roadside service station, a bakery or a restaurant are all typical examples of ____. 4. Who normally provides the capital needed to start a sole proprietorship?
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5. Jim owns a hardware shop. He single-handedly set up this shop using his savings. All decisions are  taken by him and he manages the business on his own. What kind of a business does he own? a. Partnership b. Corporation c. Limited liability company d. Sole proprietorship ANS: D The sole proprietor is usually an active manager, employing only a few people and working in the  business every day. He or she controls the operations, supervises the staff, and makes the decisions.  The managerial ability of the owner usually accounts for the success or failure of the business. 6. What are the advantages of owning a sole proprietorship?
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