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Financial Accounting

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Characteristics of a Sole Proprietorship

FINACT-YVMNOV

Which of the following statements is/are TRUE about a sole proprietorship?

Select ALL that apply.

A

It is a type of business organization that is owned by one person.

B

The owner takes all of the profits and losses.

C

The owner is not liable for the business obligations.

D

It represents the largest number of businesses in the United States.

E

It is a type of business organization that is legally separate from its owners.