1.Which of the following are benefits of carrying on a sole proprietorship

a.It is inexpensive to set-up

b.Protection against liability when carrying on business

c.Business losses can be offset against the owner's income for tax purposes

d.The owner has complete control of the business

e.An owner can hire employees without the same strict level of labour regulation that effects other forms of busines

1.Which of the following statements are true about closely held corporations

a.The shares cannot be traded freely with the public

b.They are heavily reliant on a well-crafted shareholder agreement

c.All decisions must be unanimous

d.The are generally small businesses but can be large businesses too

e.The are regulated in the same manner as broadly held corporations