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Questions and Answers
A sole proprietorship is owned and operated by multiple individuals or entities.
A sole proprietorship is owned and operated by multiple individuals or entities.
False (B)
Partners in a partnership have limited liability.
Partners in a partnership have limited liability.
False (B)
Taxation for a sole proprietorship is reported on the owner's personal tax return.
Taxation for a sole proprietorship is reported on the owner's personal tax return.
True (A)
A partnership is a more complex form of business organization compared to a sole proprietorship.
A partnership is a more complex form of business organization compared to a sole proprietorship.
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In a partnership, partners share ownership and management.
In a partnership, partners share ownership and management.
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