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A Sole Proprietorship Is a Business Owned by One or More

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True/False

A sole proprietorship is a business owned by one or more persons.


Definitions:

Court Order

An official proclamation issued by a judge that requires a person or entity to do or cease doing a specific action.

Property Rights

Legal rights to possess, use, and dispose of assets including tangible and intangible property.

Negative Externality

A cost that affects a third party who did not choose to incur that cost, often associated with pollution or public health issues.

Ronald Coase

A British economist known for his work on transaction costs, property rights, and the theory of the firm.

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