8.1+Outline+and+Questions

=A business organization is an establishment formed to carry on commercial enterprise.= =A sole proprietorship is a business owned and managed by a single individual.= =Many types of businesses can flourish like this.= =sole proprietors must obtain a business license, which is an authorization from the local government.= =If not operating out of the home, a sole proprietor must obtain a certificate of occupancy.= =Also need to follow zoning laws which are zones designated for residential and business.= =Liability is the legally bound obligation to pay debts.= =Fringe Benefits are payments to employees other than wages or salaries, such as paid vacation, retirement pay and health insurance.= QUESTIONS 1-5 1. an establishment formed to carry on enterprise. 2. A sole proprietorship is a business owned and managed by a single individual. 3. They make them harder to start a business. 4. They have all the liability in the company 5. Because they are the only one running the business.