The most that the owner of a sole proprietorship can lose, as a result of business debts or lawsuits, is the amount he/she has invested in the business. O True O False

One of the disadvantages associated with sole proprietorships is that: raising working capital is difficult. acquiring total ownership of the business's finances is not easy. O creating a sole proprietorship is a complicated process. obtaining licenses and permits is difficult. making autonomous business decisions is difficult.

1. When a business ceases to operate and its inventories are disposed of a gain on the inventories will be treated as a capital gain unless an election is made by the selling taxpayer True or False 2.  When a business ceases to operate and its accounts receivable are disposed of with the other business assets any loss on the receivables will be treated as a capital loss unless a joint election is made by the purchaser and seller. True or False

owners have no personal liability under which legal business structure? a. corporation b. a partnership c. a sole proprietorship d. there is liability in every legal business structure