what are the following are benefits enjoyed by sole proprietships?select two correct answers

Answer 1

The benefits enjoyed by sole proprietorships are:

1. Complete control: Sole proprietors have complete control over their business operations, which means they can make decisions quickly and easily without having to consult with anyone else.

2. Tax benefits: Sole proprietors enjoy tax benefits as they are not required to pay corporate taxes. Instead, they report their business income and expenses on their personal tax returns, which can result in lower tax rates.

Other benefits of sole proprietorships include ease of formation, flexibility, and minimal legal requirements. However, the two correct answers to the question are complete control and tax benefits.