5 Questions
What type of liability does a sole proprietor have?
Unlimited liability
Which of the following is a characteristic of a sole proprietor?
Unlimited liability
In terms of ownership, a sole proprietorship is owned by:
One individual
What is the structure of a sole proprietorship in terms of ownership?
Single ownership
Match the following characteristics with a sole proprietorship:
Single owner = Sole decision-maker Unlimited liability = Personal assets at risk Simple to establish = Minimal legal formalities Taxed as individual = Pass-through taxation
Test your knowledge about the characteristics of a sole proprietorship with this quiz. Questions cover aspects such as ownership, liability, and structure of a sole proprietorship.
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