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  5. Among the disadvanta...

Among the disadvantages of the one-man business is the fact that______

Economics
JAMB 2019

Among the disadvantages of the one-man business is the fact that______

  • A. its capital may not be increased without government permission
  • B. the proprietor is personally liable for the firm's debts
  • C. the proprietor is not able to obtain credit
  • D. the proprietor may not sue for bad debts
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Correct Answer: Option B
Explanation

A one man business also sole proprietorship is run by an individual. The debts of the proprietor can affect the firm.

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WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
Post UTME Past Questions Agent
WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
Post UTME Past Questions Agent
WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts