Question

When Gene started his window-washing business, he wanted to keep things simple. He liked the idea of being his own boss and the possibility of leaving the business one day to his son. He chose the type of business that was easy to start, allowed him to keep company profits, and not have any special taxes. Gene's financial resources were limited, but so were his concerns; after all, "he was the business." Gene's business is most likely a(n):

Answer 1

Sole proprietorship

Answer 2

Answer:

sole proprietorship

Explanation:

A sole proprietorship is the simplest business form that exists. The sole proprietorship is not a separate entity, it is considered the same entity as its proprietor. That has a lot advantages, specially when taxed. Sole proprietorships are pass through entities that are not taxed, instead their owners (the proprietors) are taxed as regular income. You can also name your sole proprietorships as you like, e.g. Gene's windows, since you can assign it a fictitious name.

The main disadvantage of a sole proprietorship is that all the debts and obligations of the business belong to the owner and he/she is totally liable for them.