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9 March, 00:28

What form of business ownership did Troy Smith select when he first made the decision to be an entrepreneur?

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  1. 9 March, 02:30
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    Troy Smith decided on "sole proprietorship" form of business. A sole proprietorship is a small business where there's really no legal distinction between the person who is the owner and the business itself.

    Troy Smith opened his first drive-in business in Shawnee, Oklahoma in the early 1950s - - a root beer stand called Top Hat. In 1956 he added a partner (so his business became a "partnership" then.) Later he added many franchises (expanding the business further), and eventually his company became a publicly traded corporation. Oh, that corporation and chain of drive-in franchises is now called Sonic, which has been the name of the Smith-founded restaurant chain since 1959.

    Troy Smith retired from managing the Sonic Corporation in 1983, and passed away in 2009, at age 87.
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