Multiple Choice
Which of the following statements is false regarding a sole proprietorship?
A) A sole proprietorship requires few legal formalities.
B) A sole proprietor has complete control of the management of the business.
C) The sole proprietor keeps all the profits from the business.
D) A sole proprietor is not personally liable for obligations of the business.
E) Profits are taxed as the personal income of the sole proprietor.
Correct Answer:
Verified
Correct Answer:
Verified
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