Gwyn owns and operates a large hardware store in Missouri that employs about fifty people.He delegates some of the decision making to two managers,but he remains the only owner.Gwyn's business is organized as a
A) corporation.
B) partnership.
C) sole proprietorship.
D) limited partnership.
E) limited-liability corporation.

Question

Quizplus · Accepted Answer

Gwyn is the only owner of the hardware store, which indicates that the business is organized as a sole proprietorship. In this type of business entity, the owner has complete control of the business and is personally responsible for all of its debts and liabilities. The fact that Gwyn delegates some decision-making to two managers does not change the fact that she is the sole owner. The other options, such as corporation, partnership, limited partnership, and limited-liability corporation, involve the ownership and control of the business being shared by more than one person or entity.

Gwyn Owns and Operates a Large Hardware Store in Missouri