Starting a New Business as a Sole Proprietorship

question 52

Multiple Choice

Starting a new business as a sole proprietorship:

• A)requires retaining the services of an attorney.
• B)is simple,but the proprietorship fee is very expensive in some provinces.
• C)is usually simpler and less expensive than starting other forms of ownership.
• D)is very similar to starting a business as a corporation.

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Definitions:

Great Depression

A severe worldwide economic downturn that took place during the 1930s, marked by widespread unemployment, deflation, and a significant decline in economic activity.

Full Employment

An economic scenario where every available workforce is employed in the most financially efficient method.

Classical Theory

in economics, refers to a school of thought that emphasizes free markets, the role of competition, and the minimal intervention of government in the economy, foundational to later economic theories.

Wages And Prices

The relationship and dynamics between the compensation paid to labor and the cost of goods and services in an economy.