Among the options listed, the major advantage of a sole proprietorship is b) ownership and control resting in one person.
In a sole proprietorship, the owner has complete control over all decisions related to the business. This means they can operate the business according to their own vision and preferences without needing to consult with partners or shareholders. This autonomy can lead to quicker decision-making and flexibility in responding to market changes or personal ideas.
While options like unlimited life of the firm (a) and limited liability (c) are characteristics of other business structures, sole proprietorships are defined by their singular ownership, making option b the most relevant advantage. Although drawing on the talents of several associated proprietors (d) isn’t a characteristic of sole proprietorships, it’s important to acknowledge that the sole proprietor can still hire employees or independent contractors to assist, but the ultimate control remains with one person.
Thus, the correct answer is b, highlighting that the essence of a sole proprietorship is its concentrated ownership and control.