1. what is liability?
o the requirement to offer fringe benefits
o the legal obligation to pay debts
o the opportunity of the sole proprietor to keep all profits after taxes
o the necessity to do a lot of paperwork

liability by definition is the state of being responsible for something, especially by law. but, being "personally liable" means that a plaintiff who wins a court judgment against your business can satisfy it out of your personal assets, like your bank account, home, or automobile simply because of your status as an owner of the business. hope i .

explanation: