A sole proprietorship:
A. Provides limited financial liability for its owner
B. Involves significant legal costs during the formation process
C. Has an unlimited life
D. Has its profits taxed as personal income
E. Can generally raise significant capital from non-owner sources
Answer: D. Has its profits taxed as personal income
You might also like to view...
A company has net income of $200,000. Its portfolio of available-for-sale securities has a cost of $50,000 and a market value at the end of its accounting period of $54,000. How much is the company's comprehensive income?
A. $254,000 B. $250,000 C. $204,000 D. $246,000
The U.S. catfish industry successfully petitioned the U.S. government to require that catfish varieties imported from Vietnam be labeled as tra, basa, or pangasius. This is an example of which of the following?
A) an embargo B) a tariff C) a nontariff barrier D) a direct price influence