Explanation:
Sole proprietorships are a loosely defined business structure that don't provide any tax advantages or personal liability protection but give business owners more flexibility and freedom.
Comparatively, corporations are formal, legal company formations that provide investor options, personal liability protection, and tax advantages but are challenging to maintain.
Explanation:
The marketing function is a position that aids a business in locating potentially successful products for the market they serve and then promoting those products by setting them apart from competing goods. It is a crucial component of any business.
Explanation:
The act of recording, classifying, analyzing, and reporting a company's financial transactions is known as accounting. A company's management can better understand the financials of its business with proper accounting. This enables them to carefully plan their future spending in order to increase profit.
Explanation:
A need is an absolutely necessary requirement, whereas a want is a desire. Being able to meet one's necessities is necessary for survival, but being able to fulfill one's wants is not. The primary distinction between necessities and wants is this.
Explanation:
A consumer always makes a purchase, even though they might not be the final users. A consumer is always the one who uses a good or service in the end, even if they didn't buy it. When a customer makes a purchase and uses the good or service personally, they are considered a consumer.
Explanation:
One individual owns a business in a sole proprietorship, together with any trademarks, service marks, trade names, or service symbols. All of the aforementioned belong to the franchiser in a franchise, with the exception of the individual businesses, which are owned by people who are permitted to sell trademarked goods.
Explanation:
There are a number of benefits that a franchise has over a regular sole proprietorship. Established Business Model A franchise offers the business owner a tried-and-true business model to follow, which can assist her avoid common errors that frequently cause problems for inexperienced business owners.
