Post Utme Summit University 2022 Commerce Question 31

Practice objective / multiple choice question 31 from the 2022 Post Utme Summit University Commerce examination.

Post Utme Summit University 2022 Commerce Objective / Multiple Choice
Question 31 POST_UTME_SUMMIT_UNIVERSITY • 2022 • COMMERCE • objective

A sole trader's business is considered a separate legal entity from its owner. However, in the event of the owner's death, the business will be wound up and its assets distributed according to the owner's will. Which of the following is a consequence of this scenario?

Answer Options

A. The business will be sold to the highest bidder.
B. The business will be transferred to the owner's spouse.
Correct Answer C. The business will be wound up and its assets distributed according to the owner's will.
D. The business will continue to operate under the management of the owner's children.
Correct Answer
C
Correct Option:
The business will be wound up and its assets distributed according to the owner's will.

About This Question

This is Post Utme Summit University 2022 Commerce Question 31. It is one of the objective questions from the 2022 Post Utme Summit University Commerce examination.

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