Business, 06.07.2019 09:40 allysongonzalezlove0

Which of the following is a disadvantage of the sole proprietorship form of ownership? a. limited liability b. split responsibility c. control over the business d. unlimited liability

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Answer from: isaiahrodriguezsm17

D. Unlimited liability

Answer from: savannahvargas512

D. Unlimited liability

Explanation:

A sole proprietorship is a business owned by a single person who, unlike associations and other more complex business structures (corporations and LLC), does not have to register with the state to exist. If you are the sole owner of a business, you automatically have a sole proprietorship simply because you do business.

A sole proprietorship also has disadvantages. The biggest problem of sole proprietorships is that the owner's personal finances are linked to those of the business. This means that if the business suffers bankruptcy, the same happens to the owner so you have unlimited liability. Therefore, forming a sole proprietorship is more risky. The same happens if the business is sued: the lawsuit also falls against you (which means that you are responsible for all costs associated with the litigation). Sole proprietorships, on the other hand, must pay both income taxes and self-employed employee taxes (Social Security and Medicare). This means that, as the company generates more profits, it must also pay more taxes.

Answer from: Quest

(a) when insurance is obtained through a reciprocal insurer, the insureds are sharing the risk of loss with other subscribers of that reciprocal.

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Answer from: Quest

The correct answer for the above question is (d) the additional benefit from consuming one more unit;

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Which of the following is a disadvantage of the sole proprietorship form of ownership? a. limited...

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