Francois is the sole owner of a photo studio and handles most of the work himself. All earnings from the studio become Francois's income. Given this information, Francois:
A) is obliged to pay both personal tax and company tax.
B) only pays taxes on his income as the owner.
C) is free to choose the taxation policy for his company.
D) has limited liability for the debts incurred by the studio.

Question

Quizplus · Accepted Answer

Francois is likely operating as a sole proprietorship, where the business income is treated as personal income, so he only pays personal income tax.

Francois Is the Sole Owner of a Photo Studio and Handles