Advantages & Limitations
Skills
Licensing & Needs
100
True or false: this type of business is difficult to open or close.
What is false
100
The owner of a sole proprietorship needs to be prepared to devote ____ and _____ into their business.
What is time and money.
100
True of false: In order to be a sole proprietorship, you do NOT have to take any formal or legal steps at the federal, provincial, or municipal level.
What is true.
200
There can be a lack of business __________.
What is continuity.
200
When setting up a business, be sure to choose a good ____. It can describe in one or a few words what the business is all about
What is a name.
200
Depending on where you live, you you may need to ________ your business or obtain business and/or occupancy licenses.
What is register
300
True or false: owners of sole proprietorships have fringe benefits.
What is false.
300
When you start a sole proprietorship, you must separate your ________ ________ from your business. This helps you prepare financial statements and prepare tax returns.
What personal finances
300
In order to form a business, you need to write out a ________ ____. This serves as a guide so you know the order in which to implement actions necessary to start and grow the business, and it makes you focus on various aspects of the business, such as obtaining start-up capital and deciding whether or not you will be selling through the web.
What is a business plan
400
The owner of a sole proprietorship needs to be able to face _____ and __________.
What is risks and challenges.
400
As a sole proprietor, you must be able and prepared to _________ and ______ the affairs of the business if it grows beyond a certain limit.
What is supervise and manage.
400
How many financial resources do you have to get for your business that are separate from those for your personal finances?
What is 3. (a business bank account, credit card, and record-keeping.)
500
Paying for all debts or liabilities of the business is called _______ _______.
What is unlimited liability.
500
If you don't know how to set up a sole proprietorship, you could contact the nearest government-sponsored _____ ________ ___________ ______ (SBDC).
What is a Small Business Development Center
500
As a business, you may want to incorporate/establish ___s and have insurance.
What are LLCs.
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