Paralegal Exam Prep

Category - Miscellaneous

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A sole proprietorship has which of the following elements?

A single owner
Revenue less than $100,000
The owner has personal responsibility for the liabilities of the business.
A and C.
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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