Every day on your way to basketball practice you wave to mr. martin who owns the neighborhood flower stand mr. martin’s store is probably a?
a. limited partnership
b. sole proprietorship
c. small corporation
d. parent company

The correct answer is sole proprietorship.

A sole proprietorship is a business that is owned by only one person. It is the easiest of all businesses to set up and is the most common business struction for small local businesses like Mr. Martin’s store.

Everyday on your way to basketball practice, you wave to Mr. Martin who owns the neighborhood flower stand. Mr. Martin's store is probably a Sole Proprietorship.

Sole Proprietorship is a type of firm/organization/company/business, owned by a single person. That person is responsible for all the losses and profits occurred to that business. Sole proprietor is the sole authority of the business.

In this example, Mr. Martin owns a flower shop. He owns his business without the partnership of anyone else. So he is the Sole Proprietor of the flower business.