When the owner of a sole proprietorship dies, what becomes of the business?
A. The employees take over the business.
B. It ceases to exist unless the heirs take it over or sell it.
C. It is automatically auctioned to the highest bidder.
D. It ceases to exist, and no one may legally take it over.
E. It may continue existing but only under a new name.
Answer: B
You might also like to view...
Break-even point may be expressed in terms of units or dollars
Indicate whether the statement is true or false
Which of the following is true of PSD areas under the Clean Air Act?
a. Only limited increase in air pollution is allowed. b. New construction of a major stationary source requires a permit from the state. c. To receive a permit, a new source must show it will use the best control technology available. d. All of these. e. None of these.
The Racketeer Influenced and Corrupt Organizations Act (RICO) was originally designed to combat corporate crime
a. True b. False Indicate whether the statement is true or false
Investors who wish to avoid paying taxes in the present are typically ________
A) low-dividend clientele B) high-dividend clientele C) drawn to firms that have erratic dividend policies D) None of the above