ICAP PRC-3 Business And Economic Insights Practice Questions - ICAP PRC-3 (PRC-03) Business And Economic Insights - Pre-Requisite Competencies, Pakistan Exam

Under ICAP PRC-3, which statement best describes a sole proprietorship?

A business owned and controlled by one individual who bears unlimited liability A company whose shares must be listed on the Pakistan Stock Exchange A partnership that must have at least twenty partners A public-sector corporation created only by federal statute

Correct Answer:

A business owned and controlled by one individual who bears unlimited liability

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