Explain What Is Involved in Starting a Business as a Sole

question 15

Essay

Explain what is involved in starting a business as a sole proprietor and the advantages to choosing this form of ownership.

---

Definitions:

Without Recourse

A term indicating that the seller of a financial instrument or property transfers all risk of non-payment or defect to the buyer, absolving the seller of liability.

Specially Endorses

When a negotiable instrument, such as a check, is endorsed by specifying the person to whom it should be paid, creating restrictions on its further negotiation.

Shelter Rule

A legal principle allowing a transferee to obtain the rights of a transferor in a transaction, even if the transferor lacked certain rights, under certain conditions.

Article 3

Refers to a specific section within a larger document, such as a Constitution or a code, often needing the context of the particular document to define accurately.