Question

which of the following is an advantage of having a sole proprietorship?

a. single individual responsibility
b. borrowing money to help your business grow
c. the tax deductible aspects of health care and retirement costs
d. selling the business
e. corporate records keeping and/or reports to file, including tax reporting, arent require

Explanation:

• Option A: "Single individual responsibility" is a disadvantage (unlimited liability) rather than an advantage.
• Option B: Sole proprietorships often face challenges in borrowing money compared to corporations, so this is not a key advantage.
• Option C: Tax deductions for health care and retirement costs are more favorable for corporations or other structures, not a primary advantage of sole proprietorships.
• Option D: Selling a sole proprietorship is not as straightforward or advantageous as selling a corporation, and it's not a major advantage.
• Option E: Sole proprietorships have simpler record - keeping and reporting requirements (no corporate - level records/reports needed), which is a significant advantage.

Answer:

E. Corporate records keeping and/or reports to file, including tax reporting, aren't require