To Close a Sole Proprietorship, the Owner Must

question 111

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) do none of the above.

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Definitions:

Radical Change

Fundamental, transformative changes affecting the very core of an organization, its operations, or its strategy.

Transformational Change

A comprehensive shift in the strategy, structure, and culture of an organization, leading to significant improvements in performance and outcomes.

Top-down Change

Organizational change initiatives that are initiated by senior management and flow down through the hierarchy.

Frame-breaking Change

Significant transformations in an organization that dramatically alter its processes, culture, or structure.