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Questions and Answers
Which form of business ownership has a single owner who usually actively manages the company?
Which form of business ownership has a single owner who usually actively manages the company?
- Sole proprietorship (correct)
- Unlimited liability
- Partnership
- Corporation
What happens to company earnings in a sole proprietorship?
What happens to company earnings in a sole proprietorship?
- They are reinvested in the business
- They are treated as the owner's income (correct)
- They are used to pay off business debts
- They are distributed among the employees
What is the personal responsibility of the owner in a sole proprietorship regarding company debts?
What is the personal responsibility of the owner in a sole proprietorship regarding company debts?
- They are responsible for company debts (correct)
- They can transfer the responsibility to employees
- They are not responsible for company debts
- They can share the responsibility with other partners
What is unlimited liability?
What is unlimited liability?
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What is a partnership?
What is a partnership?
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