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LIT1 - WGU Word Scramble

 
 



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LIT1 - WGU

Sole Proprietorship flash cards

QuestionAnswer
What is a sole proprietorship? A company owned by one person which is not legally differentiated from the owner and is not required to register as a business.
What must an owner of a sole proprietorship do if they operate under a fictitious name? Register as a business.
Does a sole proprietorship have to be registered as a business? Only if it operates under a fictitious name or provides services or supplies requiring licensure.
Who governs a sole proprietorship if the buyer and seller are in the same state? The state UCC.
Who governs a sole proprietorship if the buyer and seller are in different states? The federal UCC.
Created by: mfagre on 2011-05-16



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