For which of the following types of business do you think a sole proprietorship firm of organization would be more suitable, and why?
For which of the following types of business do you think a sole proprietorship firm of organization would be more suitable, and why?
(i) Grocery store
(ii) Medical store
(iii) Legal consultancy
(iv) Craft centre
(v) Internet cafe
(vi) Chartered accountancy firm
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Sole proprietorship will be more suitable for grocery store, medical store, and internet cafe because:
- It has easy formation and closure.
- It needs limited resources.
- He will be sole risk bearer which is not so high and profit recipient.
- He will have 100% control.
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