In which of the following legal forms of business organization are the owner and business considered to be one and the same in terms of tax status and legal liability?
A) sole proprietorship
B) corporation
C) limited partnership
D) b and c

Question

Quizplus · Accepted Answer

In a sole proprietorship, the owner and the business are legally considered the same entity, meaning the owner is personally responsible for all debts and legal actions against the business. This contrasts with corporations and limited partnerships, where the business is a separate legal entity from its owners.

In Which of the Following Legal Forms of Business Organization