A firm with a single owner who has the right to all profits but who also bears unlimited liability for the firm's losses and debts is known as a(n) ______

Question

Quizplus · Accepted Answer

A sole proprietorship is a business structure where the owner has complete control over the business and is personally liable for all the debts and losses incurred by the business. The owner also has the right to all the profits. Therefore, option A is the correct answer. Option B would have been correct if it had mentioned two or more owners. Option C is a general term that refers to any type of business entity, including sole proprietorships and partnerships. Option D is a type of organization that operates for the benefit of society and not for profit. Option E refers to a type of cooperative where the members are producers and share in the profits of the business.

A Firm with a Single Owner Who Has the Right