What is the easiest and least expensive form of ownership to set up? (1 point) Responses Sole proprietorship Sole proprietorship Corporation Corporation Partnership Partnership Dual partnership
The easiest and least expensive form of ownership to set up is a sole proprietorship.
The easiest and least expensive form of ownership to set up is the sole proprietorship.
The easiest and least expensive form of ownership to set up is a sole proprietorship.
To set up a sole proprietorship, you generally only need to register a business name, obtain any necessary licenses or permits, and open a separate bank account for your business. The costs associated with these steps are typically minimal compared to other forms of ownership.
To get started, you can search online for your local government website or the Small Business Administration (SBA) website to find resources and guidelines specific to your location. These sources will provide you with the necessary steps and requirements for registering your business name and obtaining any required licenses or permits.
While setting up a sole proprietorship is relatively simple and cost-effective, it's important to note that this form of ownership does not provide the same level of legal protection or financial independence as other forms like a corporation or partnership. It's always a good idea to consult with a lawyer or business advisor to understand the implications of each form of ownership before making a decision.