A business that is not a legal entity, where there is one owner who is fully liable for all debts, is:
A)a proprietary company.
B)a partnership.
C)a sole proprietorship.
D)None of the above

Question

Quizplus · Accepted Answer

A sole proprietorship is a business owned by a single individual who is personally responsible for all debts and liabilities. It is not a separate legal entity, and therefore the owner has unlimited liability. A proprietary company is a registered business entity in Australia, and a partnership involves multiple owners who share the profits and liabilities of the business.

A Business That Is Not a Legal Entity, Where There