The oldest and commonest form of business in Nigeria is?
Answer Details
The oldest and commonest form of business in Nigeria is the Sole Proprietorship. A sole proprietorship is a type of business owned and run by a single person. It is the simplest form of business organization, and it requires no formal registration or legal process to start.
In Nigeria, most small businesses, such as small shops, food vendors, and petty traders, are run as sole proprietorships. The main advantage of this form of business is that the owner has complete control over the business and can make all decisions independently. Additionally, the owner receives all profits generated by the business.
However, the main disadvantage of a sole proprietorship is that the owner is personally liable for all debts and obligations of the business. This means that if the business incurs debts, the owner's personal assets may be used to settle those debts.
In summary, the oldest and commonest form of business in Nigeria is the Sole Proprietorship, which is owned and run by a single person. It is the simplest form of business organization and is commonly used for small businesses.