Which of the following is true about this statement: "In a sole proprietorship, the owner's personal assets are at risk if the business is not successful." Is this true? a) No, personal assets are protected by sole proprietorship laws. b) Yes, there is no protection for personal assets with sole proprietorships. c) No, personal assets are only at risk with corporations. d) Yes, this is true for all forms of business.
Which of the following is true about this statement: "In a sole proprietorship, the owner's personal assets are at risk if the business is not successful." Is this true? a) No, personal assets are protected by sole proprietorship laws. b) Yes, there is no protection for personal assets with sole proprietorships. c) No, personal assets are only at risk with corporations. d) Yes, this is true for all forms of business.
Chapter2: Introduction To Financial Statements
Section: Chapter Questions
Problem 7MC: Owners have no personal liability under which legal business structure? A. a corporation B. a...
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Which of the following is true about this statement: "In a sole proprietorship, the owner's personal assets are at risk if the business is not successful." Is this true?
a) | No, personal assets are protected by sole proprietorship laws. | |
b) | Yes, there is no protection for personal assets with sole proprietorships. | |
c) | No, personal assets are only at risk with corporations. | |
d) | Yes, this is true for all forms of business. |
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