Kendra decided to leave her job in the city and move to the country where she plans to start her own business

1 answer:

5 0

Kendra decided to leave her job in the city and move to the country where she plans to start her own business a "sole proprietorship."

<h3>What is a sole proprietorship?</h3>

A sole proprietorship, also known as both a sole trader or even a proprietorship, is an independent clause with only one owner who is responsible for paying income tax on the company's profits.

Some key features regarding sole proprietorship are-

Any unincorporated business with a single owner that is liable for personal income tax on its profits is known as a sole proprietorship.
Due to the lack of government participation, sole proprietorships are simple to set up and dissolve, which makes them popular among owners of small businesses and contractors.
The majority of small businesses begin as sole proprietors and eventually convert to limited liability companies or corporations as the business expands.
Due to their lack of registration, one of the main drawbacks for sole proprietorships is the lack of legal protection they enjoy. This implies that the owner is responsible for all liabilities incurred by the company.
In addition to reporting their earnings and deducting their expenses, sole entrepreneurs must also pay income & self-employment taxes upon their profits.

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other countries have a comparative advantage over Guatemala in the production of coffee, and Guatemala will import coffee.

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This question is incomplete. Please check the attached image for a complete question.

A country has comparative advantage in the production of a good or service If it produces the good or service at a lower opportunity cost when compared to its trading partners.

The price of Guatemala's coffee is higher when compared to the world price of coffee without international trade. It shows that Guatemala doesn't have a comparative advantage in the production of coffee. Guatemala should stop producing coffee and import instead. This would enable Guatemala focus more resocurces on the production of good for which it has comparative advantage.

I hope my answer helps you