1. Jay is the owner of TooCan Tan, a luxury spa and tanning salon that caters to individuals who desire the ultimate experience in relaxation. Jay is aware that being the sole owner of the business makes him responsible and liable for every aspect of the business. The type of business, which best describes the operation of TooCan Tan is

Question

Business

Barrett

10 March, 02:08

1. Jay is the owner of TooCan Tan, a luxury spa and tanning salon that caters to individuals who desire the ultimate experience in relaxation. Jay is aware that being the sole owner of the business makes him responsible and liable for every aspect of the business. The type of business, which best describes the operation of TooCan Tan is

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Rudy Hart · Answer 1

Sole Proprietorship

Explanation:

Sole proprietorship is a form of business in which all liabilities, risks&responsibilities (especially in financial aspect) are being borne by a single individual. The individual may not necessarily be the operational entity in the business as he/she in question can employ employees he/she so desires, but when it comes to structuring, legality&sensitive decisions affecting the business, it is borne solely by the individual. This form of business is devoid of partnership, which explains why the demise of the owner is likely to bring an end to the business.