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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 May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
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WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC offline past questions - with all answers and explanations in one app - Download for free