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There are a number of ways a sole proprietary can be expanded. First, a sole proprietor can opt to change the legal structure of their business, to an LLC or S-corp, for example. A change of this nature essentially adds partners and outside investors. The access to additional funds and greater resources enables the business to provide an expanded selection of products/goods or hire employees to help provide services or produce products/goods.
If a sole proprietor chooses, he or she can keep the business structure as-is and expand into other markets, offer an expanded array or products or services or even seek out mutually beneficial partnerships for cooperative business endeavors. The key is to keep things manageable and growing.
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What best describes an individual who owns a business?
sole proprietor
How are a franchise and a sole proprietorship alike?
Franchise and sole proprietorship have several differences. However, they do coincide in certain aspects including finances and regulations. As a sole proprietor, you must follow local ordinances that cover your business. And, as a franchisor, you still do, but in this case, you may have the assistance of a corporate member to guide you through the process. As a sole proprietor, you have extensive management responsibilities. As a franchise, you may not have a full managerial say, but you still share similar management duties. In the end, both a sole proprietor and a franchisee are both business owners that follow the same main purpose: stay in business, be profitable, and expand.
Can you give me some examples of famous companies operating as sole proprietor ship business?
James C. Penney Founder of J.C Penney, He is a Sole Proprietor.
What type of business is owned by one person?
Sole trader or sole proprietor running a one person business such as a one man or woman plumbing business.
What are the functions of management of sole proprietor?
Function of sole proprietor
Who is a sole proprietor?
A sole proprietor is a person who owns the business and is personally responsible for it debts.
What is sole proprietor?
A sole proprietor is someone who owns there own business. A newspaper stand for example. If you invest your money into your business, then create and run it ALL BY YOUR SELF, then the business is called a sole proprietorship, and you are the sole proprietor.
What are the duties of a small business manager?
Sole Proprietor: Owner of that business
Who receives the profit from a sole proprietorship?
Either the sole proprietor or the profit may be reinvested in the business in which case the sole proprietorship.
What are two advantages of a sole proprietorship?
The advantages to doing business as a sole proprietor include: 1) No formal filing with the state is required for a sole proprietorship, and the sole proprietor need not file separate income tax returns for the business. Instead, he reports the profit or loss on his personal income tax return, so the accounting and bookkeeping requirements are very simple. 2) A sole proprietor does not have to share the decision making process with other owners. He controls the management of the business. 3) A sole proprietor can freely sell his business.
What best describes an individual who owns a business?
sole proprietor
How are a franchise and a sole proprietorship alike?
Franchise and sole proprietorship have several differences. However, they do coincide in certain aspects including finances and regulations. As a sole proprietor, you must follow local ordinances that cover your business. And, as a franchisor, you still do, but in this case, you may have the assistance of a corporate member to guide you through the process. As a sole proprietor, you have extensive management responsibilities. As a franchise, you may not have a full managerial say, but you still share similar management duties. In the end, both a sole proprietor and a franchisee are both business owners that follow the same main purpose: stay in business, be profitable, and expand.
Can you give me some examples of famous companies operating as sole proprietor ship business?
James C. Penney Founder of J.C Penney, He is a Sole Proprietor.
What are the features of sole proprietership?
Sole proprietorship is solely governed by the Proprietor of Proprietress. The day to day affairs of the Company, Bank operations etc. are all conducted by the sole proprietor. The profit or loss of the company is borne by the proprietor only. In this type of business, the work capability,manpower etc. of the proprietor play a pivotal role in directing the business. In capitalistic form of society, sole proprietership business is encouraged to flourish for help in rapid growth.
What terms best describes an individual who owns a business?
sole proprietor
What type of business is owned by one person?
Sole trader or sole proprietor running a one person business such as a one man or woman plumbing business.
If you are sole proprietor do you need Worker's Compensation?
AnswerYou are the only proprietor of your business but are you the only employee?yesthen, no you dont need it
