The owner of a ________ is personally liable for all the business's debts.
A)proprietorship
B)corporation
C)limited-liability company
D)All of the above are correct.

Question

Quizplus · Accepted Answer

The owner of a sole proprietorship is personally liable for all the business's debts. In a sole proprietorship, the business is not a separate legal entity, and therefore the owner is personally responsible for all financial obligations of the business. In contrast, corporations and limited-liability companies provide some level of limited liability protection to the owners.

The Owner of a ________ Is Personally Liable for All