Practice Quiz

CLEP Business Law

Category - Miscellaneous

Start a Study Session Sign up for Question of the Day
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.
Was this helpful? Upvote!
Login to contribute your own answer or details
Start a Study Session Sign up for Question of the Day

Top questions

Related questions

Most popular on PracticeQuiz