What is the fundamental difference between a sole proprietorship and a corporation?

Question

Quizplus · Accepted Answer

The fundamental difference between a sole proprietorship and a corporation is that a corporation is a legal entity that is separate from its owners, while in a sole proprietorship, there is no such distinction. This means that in a corporation, the owners (shareholders) have limited liability and are not personally responsible for the debts and obligations of the company. In a sole proprietorship, the owner has unlimited liability, meaning that they are personally responsible for all the debts and obligations of the business.

What Is the Fundamental Difference Between a Sole Proprietorship and a Corporation