Question

Thiago has spent a long time working in various commercial establishments owned by some of his close relatives. He now wishes to establish his own business, a sporting goods retail store. Thiago plans to manage the store single-handedly. In the context of the various business ownership options, Thiago's store will be an example of a:_________.

Answer 1

Thiago's store will be an example of a: Sole Proprietorship

Explanation:

A sole proprietorship is an unincorporated company with simply one owner who meets personal income tax on profits derived. A sole proprietorship is the simplest kind of business to build or take alone, due to a shortage of government administration.

A sole proprietorship can work beneath the name of its proprietor or it can do trade following an imaginary name. Sole proprietors need not adopt conventions such as voting and meetings compared with the more complicated business forms. Numerous sole proprietorships close up making restructured into an LLC, in sync with the company's extension.