Jeremy is thinking of starting up a small business selling NASCAR memorabilia. He is considering setting up his business as a sole proprietorship. What is one advantage to Jeremy of setting up his business as a sole proprietorship

Complete Question:

a. As a sole proprietor, Jeremy would face limited liability.

b. As a sole proprietor, Jeremy would have both ownership and control over the business.

c. As a sole proprietor, Jeremy would have the ability to share risk with shareholders.

d. All of the above would be advantages of setting up his business as a sole proprietorship.

b. As a sole proprietor, Jeremy would have both ownership and control over the business.

Explanation:

A sole proprietorship business is a type of business that is owned by a single person and as such their profits are taxed once as personal income tax. Thus, it is a type of business that is typically owned by an individual or one person and as a result, this single individual is solely responsible for its debts.

Generally, a major advantage of sole proprietorship is that the owner has an absolute control over the business and would be the only one to define how it's shall be run.

Hence, an advantage to Jeremy of setting up his business as a sole proprietorship is that he would have both ownership and control over the business.

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