Question

Ronald is the sole owner of a fast food store. Over the past six months, his sales have fallen and the store has been running at a loss as a result of a popular fast food chain outlet opening in the area. Friends and relatives who lent Ronald money to open the store want him to sell his personal property in order to repay those loans. What ownership category of business is Ronald in?

1) limited partnership
3)corporation
4)proprietorship
5) cooperative organization

Answer 1

proprietorship

Step-by-step explanation:

Answer 2

Answer: 4) proprietorship

Explanation:

A sole proprietorship business is a type of business established and run by one person. Furthermore, it is a form of business in which the owner bears the risk, debt, losses and profit all by himself and also takes the decision that affect the day today running activities of the business. Thus, the owner of the business is known as a sole trader or sole proprietor.