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What are the benefits and drawbacks of a minor becoming the sole proprietor of a business?
Wiki User
∙ 14y ago
The biggest drawback of a minor becoming the sole proprietor of a business is his inability to enter into legal contracts he must go through some other business for any legal issues. The benefits are that he can get rich if he has a good product.
Wiki User
∙ 14y ago
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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 is the name given to a woman who is the owner of a business?
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 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.
Who is the proprietor?
the owner of business or a holder of property, which is commonly called sole propitorship
What does a proprietor manage?
The word proprietor is usually synonomous with 'business owner'. A proprietor manages & runs a business.
What a manager does?
The word proprietor is usually synonomous with 'business owner'. A proprietor manages & runs a business.
Who is a sole proprietor?
A sole proprietor is a person who owns the business and is personally responsible for it debts.
What is the female of proprietor?
A proprietor is the owner of a business and the term can be used for both male and female business owners. The female form of proprietor is proprietrix or proprietress.
What is the definition of the word proprietor mean?
A proprietor is a person who owns a business.
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.
How many types of company?
You can create a proprietorship, partnership and a corporation. Each structure has its own benefits and drawbacks. You should create a business that is conducive to the industry you will be in.
What are the benefits of becoming an Avon rep?
There are multiple benefits of becoming an Avon rep. These include: Being your own boss, flexible hours, zero investment required for your own business, and of course, money.
What is a propietor?
A proprietor is somebody who owns a business.
What are the duties of a small business manager?
Sole Proprietor: Owner of that business
What is the name given to a woman who is the owner of a business?
proprietor
What does proprietors?
A proprietor is the owner of something, oftentimes a business.
