A business owned by one person whose personal possessions are at risk if the business fails is called a:

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A sole proprietorship is owned by one person and they have unlimited liability, meaning their personal possessions are at risk if the business fails. A partnership involves two or more people sharing ownership and liability. A corporation is a separate legal entity and the owners have limited liability. A merchandiser is a type of business that sells goods rather than services.

A Business Owned by One Person Whose Personal Possessions Are