Which of the following is TRUE for a proprietorship?
A) A proprietorship joins two or more individuals as co-owners.
B) The proprietor is not personally liable for the debts of the proprietorship.
C) A proprietorship has a single owner.
D) A proprietorship has an indefinite life.

Question

Quizplus · Accepted Answer

A proprietorship has a single owner. The owner has complete control over the business and is personally liable for the debts and obligations of the business. A proprietorship does not have a separate legal existence from its owner and therefore has a limited life.

Which of the Following Is TRUE for a Proprietorship