A business owned by a solitary individual who has unlimited liability for the firm's debt is called a:
A) corporation.
B) sole proprietorship.
C) general partnership.
D) limited partnership.
E) limited liability company.

Question

Quizplus · Accepted Answer

A sole proprietorship is a type of business owned by a single person who has unlimited liability for the firm's debt. It is the simplest and most common form of business ownership, and the owner has complete control over the business. The other options (corporation, general partnership, limited partnership, limited liability company) all have some form of liability protection for the owners or partners.

A Business Owned by a Solitary Individual Who Has Unlimited