The Sole Proprietorship Is the Simplest and Least Expensive Form

question 40

True/False

The sole proprietorship is the simplest and least expensive form of ownership to begin.

---

Definitions:

Apparent Authority

An agent’s ability to affect the principal’s legal relations. Consent must be communicated to the third party.

Restatement (Third)

The third update to a set of model civil and criminal statutes designed to clarify, modernize, and otherwise improve American law.

Renunciation

Occurs when either party manifests to the other that he does not wish the agency to continue. This is done by the agent.

Revocation

The act of withdrawing, cancelling, or annulling a legal right, license, or agreement formally and officially.