To Close a Sole Proprietorship, the Owner Must

question 145

Multiple Choice

To close a sole proprietorship, the owner must

• A) notify the secretary of state.
• B) pay creditors.
• C) publish an out-of-business statement in the newspaper.
• D) have all licenses and permits revoked.
• E) None of the above are correct.

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Definitions:

Disengagement Theory

A theory of aging that suggests an inevitable withdrawal from social roles and relationships as people age, leading to increased individual and societal well-being.

City Administrator

A professional appointed by a city council or mayor responsible for managing the daily operations of a city and implementing council policies.

Low Income

Refers to individuals or families that earn significantly less than the average income for their society or geographical area.

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