Characteristics of Sole Proprietorship Quiz
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Questions and Answers

What type of liability does a sole proprietor have?

  • Unlimited liability (correct)
  • No liability
  • Limited liability
  • Joint liability

    • Which of the following is a characteristic of a sole proprietor?

  • Unlimited liability (correct)
  • Limited liability
  • Corporate governance
  • Partnership structure

    • In terms of ownership, a sole proprietorship is owned by:

  • Multiple individuals
  • One individual (correct)
  • A partnership
  • A corporation

    • What is the structure of a sole proprietorship in terms of ownership?

    <p>Single ownership</p> Signup and view all the answers

    Match the following characteristics with a sole proprietorship:

    <p>Single owner = Sole decision-maker Unlimited liability = Personal assets at risk Simple to establish = Minimal legal formalities Taxed as individual = Pass-through taxation</p> Signup and view all the answers

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