Which of the following ownership structures holds a business owner personally responsible for all debts of the business?
A) private corporation
B) public corporation
C) sole proprietorship
D) LLP

Question

Quizplus · Accepted Answer

A sole proprietorship is a business owned by a single individual, who is personally responsible for all debts and liabilities of the business. This means that in the event that the business cannot repay a debt or is sued, the owner's personal assets can be used to satisfy the debt or judgment.

Which of the Following Ownership Structures Holds a Business Owner