Class 11 Business Studies - Chapter Forms of Business Organisation NCERT Solutions | What is a Sole Proprietorship? Explain i

Welcome to the NCERT Solutions for Class 11th Business Studies - Chapter Forms of Business Organisation. This page offers a step-by-step solution to the specific question from Extra Questions, Question 1: what is a sole proprietorship explain its signifi....
Question 1

What is a Sole Proprietorship? Explain its significance in small-scale businesses.

Answer

A sole proprietorship is the simplest and most common form of business organization, where one individual owns, controls, and is responsible for the business's operations and liabilities. It is significant for small-scale businesses as it requires minimal formalities, offers direct decision-making, and allows the owner to retain all profits.

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