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What Is a Sole Proprietorship? Identify and Explain Two Advantages

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Essay

What is a sole proprietorship? Identify and explain two advantages and two disadvantages of sole proprietorships.


Definitions:

Divergent Thinking

The cognitive process of thinking about multiple solutions to a problem, often associated with creativity.

Mirror-Recognition

The ability of an individual to recognize themselves in a mirror, indicating self-awareness.

Mental Categories

The organization of knowledge in the mind into groups or classes based on shared characteristics or attributes.

Classifying

The action or process of categorizing things based on shared qualities or characteristics.

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