Angelica has been studying various forms of business ownership for her art gallery. She thinks she will select this type of legal structure because it is the easiest and most common form of business ownership for small business owners.
1) Partnership
2) Corporation
3) Sole proprietorship
4) Limited liability company
Is it 1, 2, 3, or 4?
The correct answer is 3) Sole proprietorship.
The answer is 3) Sole proprietorship.
The correct answer in this case would be 3) Sole proprietorship.
Sole proprietorship is the easiest and most common form of business ownership for small business owners. It is a type of legal structure where an individual is the sole owner and operator of the business. In this case, Angelica would have complete control over her art gallery and would be personally responsible for all aspects of the business, including profits, losses, and any legal liabilities.
To arrive at this answer, you could have eliminated options 1) Partnership, 2) Corporation, and 4) Limited liability company, as they involve multiple owners or more complex legal structures, which may not be the easiest or most common for small business owners. Additionally, you could have recognized that the term "sole proprietorship" aligns with the idea of an individual being the sole owner and operator of the business.