Question

which type of business is most common in terms of the number of businesses

Sole partnership

partnerships

corporations

Cooperative

Answer 1

Sole partnership. Also called the sole proprietorship, it is the most common type of business to be carried out by people.

This is because the activities of this business is carried out by a single person.

It is also easy to set up and it is not as costly or least costly among the four mentioned above.

Here, the owner has the unlimited liability which means thay the creditors can also go after the personal assets of the proprietor.

It has least government control and also has the most management flexibility since only one person manages everything.

This type of business can be dissolved any time at the discretion of the proprietor and not much record keeping is required.

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