Which one of the following statements concerning a sole proprietorship is correct?

a. a sole proprietorship is designed to protect the personal assets of the owner.
b. the profits of a sole proprietorship are subject to double taxation.
c. the owner of a sole proprietorship is personally responsible for all of the company's debts.
d. there are very few sole proprietorships remaining in the u. s. today.
e. a sole proprietorship is structured the same as a limited liability company.

c. The owner of a sole proprietorship is personally responsible for all of the company's debts.

Explanation:

A sole proprietorship is a form of business which is owned by one person. The owner has unlimited liabilities. The profit of a sole proprietorship is taxed once .

A limited liability company is owned by more than one person and has a limited liability,hence, a sole proprietorship is not structured like a limited liability company.

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