Which one of the following statements concerning a sole proprietorship is correct?
A) A sole proprietorship is designed to protect the personal assets of the owner.
B) The profits of a sole proprietorship are subject to double taxation.
C) The owner of a sole proprietorship is personally responsible for all of the company's debts.
D) The sole proprietorship can continue even after the death of the sole proprietor.
E) A sole proprietorship is structured the same as a limited liability company.
Correct Answer:
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