Ask Question
20 June, 19:42

Joe Jackson operates a sole proprietorship, but he is in poor health and may be unable to continue running the business. If Joe becomes incapacitated, his business: ceases to exist unless sold or taken over by Joe's heirs. automatically converts into a public corporation with stock sold to interested investors. automatically continues under new management as a sole proprietorship. becomes the property of the most senior employee who wishes to continue operating the firm.

+5
Answers (1)
  1. 20 June, 22:07
    0
    The business cease to exists unless sold or taken over by Joe's heirs.

    Explanation:

    Sole proprietorship is a term that describes the business enterprise which is owned or run by just one person known as the sole trader. In other words, sole proprietorship is a one man's business.

    One of the major drawbacks of this kind of business is the fact that when a sole proprietor is sick or incapacitated, his/her business would suffer or cease to exist unless he/she sells it or allows family members (heirs) to take over its management or ownership.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Joe Jackson operates a sole proprietorship, but he is in poor health and may be unable to continue running the business. If Joe becomes ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers