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LIT1 - WGU
Sole Proprietorship flash cards
Question | Answer |
---|---|
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. |