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type of firm organization single proprietorship correct number...

type of firm organization single proprietorship correct number...

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Answer - Single proprietorship is the form of business organisation which is formed by the single member who manages all the working of the organisation. There is one and only one owner of the business who is the sole recepient of the profits of the business and sufferer of all the losses alone. The life of the business is limited upto the life of the owner and there is unlimited liability meaning that the personal assets of the owner can be sold in order to pay off the debts of the business. The owner and the business are the same entities.

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