Identify which of the following statements is false.
A)A solely owned corporation is a sole proprietorship.
B)A sole proprietorship is a separate taxable entity.
C)A sole proprietor is considered to be an employee of the business.
D)All of the above are false.

Question

Quizplus · Accepted Answer

A solely owned corporation is not a sole proprietorship; it's a separate legal entity. A sole proprietorship is not a separate taxable entity; the owner's personal tax return includes the business's income and losses. A sole proprietor is not considered an employee but rather the owner who directly runs the business.

Identify Which of the Following Statements Is False