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What do you understand by a sole proprietorship firm? - Business Studies

Answer in Brief

What do you understand by a sole proprietorship firm?

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Solution

In a sole proprietorship form of business, the business is owned, managed and controlled by a single individual who is known as the sole proprietor. As the sole owner of the business, the proprietor becomes the single recipient of all the profits earned by the business and, in the same way, has to bear all losses.

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APPEARS IN

NCERT Ncert Class 11 Business Studies
Chapter 2 Forms of Business Organisation
Long Answer Questions | Q 1.1 | Page 56
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