A Sole Proprietor Is Free from Regulatory Control

question 146

True/False

A sole proprietor is free from regulatory control.

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Definitions:

Trade Name

A business's official name under which it operates and is known to the public, distinct from its legal registered name.

Sole Proprietor

An individual who owns and operates a business alone, without forming a corporation or partnership, bearing unlimited liability.

Personal Income Taxes

Taxes levied by governments on individuals or households based on their total income from all sources.

Business Income Taxes

Taxes levied on the earnings of companies and businesses, calculated based on the net income or profit of the entity.