Which of the Following Is True About Sole Proprietorships

question 38

Multiple Choice

Which of the following is true about sole proprietorships?

• A)Generally they are subject to different regulations than are other forms of business.
• B)Just as corporations,they must abide by human rights legislation and meet health and safety regulations for the employees.
• C)Business names of all sole proprietorships must be registered.
• D)Sole proprietorships require government formalities to get established.
• E)Sole proprietorships comprise the smallest number of businesses in Canada.

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Definitions:

Money Invested

The capital put into an investment vehicle with the expectation of generating a profit or income.

Corporation Income Taxes

Taxes applied to the income or profit of corporations.

Small Corporations

These are businesses that are smaller in size, often categorized by fewer employees or lower annual revenue.

Income

The flow of cash or its equivalent received from work or investments over time.