Phillipa is the sole proprietor of Fun Floral Arrangements.As a sole proprietor,Phillipa

Question

Quizplus · Accepted Answer

As a sole proprietor, Phillipa is not a separate legal entity from her business. Therefore, she is not required to pay separate income taxes for the business. Instead, the business income and expenses are reported on her personal tax return, and she pays personal income taxes on any profit earned by the business. Thus, option B is the correct choice.

Phillipa Is the Sole Proprietor of Fun Floral Arrangements