Course Solutions Uncategorized (Answered) : can a hair salon be considered as a sole proprietor or partnership? and why Is it feasible to compete with a friend with this ty

(Answered) : can a hair salon be considered as a sole proprietor or partnership? and why Is it feasible to compete with a friend with this ty

June 27, 2024June 27, 2024| adminadmin| 0 Comment| 7:41 pm
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can a hair salon be considered as a sole proprietor or partnership? and why Is it feasible to compete with a friend with this type of business?

Expert Answer

Answer:-

A sole proprietor is defined as the type of business unit that is characterized by being owned and run by one person; whereby he or she is solely responsible for all the operations that go on in the business. On the other hand, a partnership is the type of business unit that is characterized by being owned and run by more than one person; to a limit of twenty people.

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