Practice Quiz

Paralegal Exam Prep

Category - Miscellaneous

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A sole proprietorship has which of the following elements?
  1. A single owner
  2. Revenue less than $100,000
  3. The owner has personal responsibility for the liabilities of the business.
  4. A and C.
  5. A, B, and C.
Explanation
Answer: D. A sole proprietorship has a single owner and the owner has personal responsibility for the liabilities of the business. While there is no threshold for the amount of income a sole proprietorship can receive, most sole proprietorships are small businesses. Sole proprietors report income on their personal income tax filings.
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