In which form of business is a single individual responsible for the repayment of any debts?
A)Proprietorship.
B)Corporation.
C)Partnership.
D)Family-run business.

Question

Quizplus · Accepted Answer

In a proprietorship, the business is owned and operated by a single individual who has unlimited liability, meaning they are personally responsible for any debts or losses the business incurs. This differs from corporations and partnerships, where multiple individuals share in the ownership and potential liability of the business. A family-run business could fall under any of these categories, depending on its structure and organization.

In Which Form of Business Is a Single Individual Responsible