Proprietorships, Partnerships, and Corporations Are the Primary Forms of

A proprietorship is a firm with A) two or more owners who both have unlimited liability. B) a single owner who has limited liability. C) a single owner who has unlimited liability. D) many owner all of whom have limited liability.

The main disadvantage to organizing a business as a proprietorship is A) its complex management structure. B) limited liability. C) unlimited liability. D) that economic profit cannot be maximized.