Which type of business entity allows a single owner to conduct professional services, own all the assets of the business, and enjoy limited liability?

Question

Quizplus · Accepted Answer

A sole proprietorship allows a single owner to enjoy limited liability. Sole proprietors own all of the assets of the business as opposed to a partnership, trust or corporation. For federal tax purposes, a limited liability company with one member is treated as a sole proprietorship.
Limited liability partnerships are entities where all partners have a form of limited liability and the partners can manage the business directly. Professional corporations are corporations organized for the sole purpose of rendering a specific professional service.

Which Type of Business Entity Allows a Single Owner to Conduct