Ownership and control by a single person - is correct
Sole propertireship is owned by a single person and hence all liabilities are limited to a single person.
Incorrect Question 1 0/1 pts Which of the following is a drawback of a sole proprietorship,...
Which of the following is a disadvantage of sole proprietor ownership? Ease and low cost of formation Freedom from government regulation All profits to the owner Unlimited liability Ease of dissolution
1. Which of the following statements is true? A. An advantage to a sole proprietorship is the benefit from specialization. B. A disadvantage to a corporation is that individual investors have unlimited liability. C. A disadvantage to a sole proprietorship is that you must file corporate income tax. D. An advantage to a corporation is that it has unlimited life. 2. What is the primary goal of a corporation? A. Minimizing the market price. B. Maximizing current earnings per share....
Question 3 of 75. Which of the following is a disadvantage of operating as a sole proprietorship? O Sole proprietorships have complex legal and accounting requirements. The owner of a sole proprietorship generally carries unlimited liability for the debts and liabilities of the business O A sole proprietorship has limited flexibility in choosing a tax year. O A sole proprietorship may only use the accrual method of accounting.
Which of the following is an advantage of a sole proprietorship? a. Ease to sell business assets b. Limited liability c. Business income is not subject to self-employment tax d. All of the above
1)Which one of the following is a correct statement concerning a sole proprietorship? Select one: A. It may be difficult to transfer the ownership of a sole proprietorship. B. A sole proprietorship is relatively difficult to form. C. The losses incurred by a sole proprietor are limited to the amount invested in the firm. D. The profits earned by a sole proprietorship are subject to double taxation. E. A sole proprietorship is more highly regulated than a corporation.
Which of the following is a characteristic of a sole proprietorship? O A. Can continue indefinitely O B. Easy to form O C. Each stockholder acts as an owner of the company O D. Business owned by more than one person Click to select your answer.
QUESTION 12 Which of the following is an advantage of the sole proprietorship? A. Limited liability for its owner B. Double taxation on its owner C. No significant legal requirements for starting the business D. Ability to sell shares of ownership to the investing public QUESTION 7 6.25 points Save Answer Assume that a business has earned Net Income of $200,000 in a given year and that the corporate tax rate is 21%. Individuals are taxed at a rate of...
2. Which of the following statements is true of a sole proprietorship? A) A sole proprietorship joins two or more individuals as co-owners. B) The sole proprietor is personally liable for the liabilities of the business. C) A sole proprietorship is taxed separately from the owner. D) A sole proprietorship has to pay business income taxes 3. Ten years ago a company purchased a building for $160,000. At that time, the company felt that the building was worth $185.000. The...
Consider the following separate situations, identify each as being a sole proprietorship, partnership, corporation, or limited liability company. DescriptionBusiness Organizationa.Raymond and Amy own Security Services. The business is not a separate legal entity.b.Physio Products does not pay income taxes and has one owner. The owner has unlimited liability for business debt.c.Riley and Kay own Speedy Packages, a courier service. Both are personally liable for the debts of the business.d.Lannister owns Wealth Management. The business is a separate legal entity and pays...
Which of the following statements is incorrect? Multiple Choice ( Partnerships have unlimited liability ) O Most sole proprietors raise money by borrowing from banks. 0 An advantage of sole proprietorships is that the owner has complete control. Scorporations are considered a hybrid organization.