From a legal perspective,a proprietorship is:

Question

Quizplus · Accepted Answer

A proprietorship is not a distinct legal entity from its proprietor. This means that the proprietor is personally liable for any debts or obligations of the business. In other words, the business and the proprietor are one and the same in the eyes of the law. The other options are not correct as ASIC regulates companies, not proprietorships, and a proprietorship is not authorised under a state charter as it is not a distinct entity.

From a Legal Perspective,a Proprietorship Is