The Proprietorship Form of Business Organization

question 76

Multiple Choice

The proprietorship form of business organization

• A) must have at least three owners in most provinces.
• B) represents the largest number of businesses in Canada.
• C) combines the records of the business with the personal records of the owner.
• D) is characterized by a legal distinction between the business as an economic unit and the owner.

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Definitions:

Innovative Firms

Companies that introduce new ideas, products, or methods, significantly impacting their industry and potentially driving economic growth through innovation.

New Product

An item recently introduced to the market that fulfills a need or niche not met by existing products.

Research and Development

The iterative process of systematic work undertaken to increase the stock of knowledge and use this knowledge to devise new applications.

Patent Protection

Legal rights granted to inventors that prevent others from making, using, or selling their invention for a certain period of time.