Among the disadvantages of the one-man business is the fact that______

Assessment: JAMB UTME - Economics - 2019 Subject: Economics

Question 1 Report

Among the disadvantages of the one-man business is the fact that______
Answer Details
The main disadvantage of a one-man business is that the proprietor is personally liable for the firm's debts. This means that if the business is unable to pay its debts, the proprietor's personal assets, such as their savings, property, or other valuables, can be used to settle the debt. This can put the proprietor's personal financial stability at risk and may discourage them from taking on certain business ventures or expanding the business.
Read lesson note on Business Organizations (JAMB)
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