Question

When Troy Smith started the first Top Hat restaurant by himself, he was considered a ___________; when Charlie Pappy joined him later, the business became a _____________.

Answer 1

Answer:

sole proprietor; partnership                      

Explanation:

A sole proprietor is a person who is the sole owner of the business that he runs. He has the only legal rights and have authority of the property that he possess.

Whereas partnership may be defined as a formal agreement between two or more than two parties to run and manage the business and share the profits.

In the context, Troy Smith was the sole proprietor of his Top Hat restaurant when he started it, but later on when Charlie Pappy joined his business, it became a partnership.