In a Sole Proprietor Ownership, If Business Assets Are Not

question 45

Multiple Choice

In a sole proprietor ownership, if business assets are not enough to pay business debts, then personal assets, such as the sole proprietor's house, personal investments, and retirement plans can be used to pay the debt. This is called ________.

• A)unlimited liability
• B)limited liability
• C)non-liability
• D)double taxation

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Definitions:

Genuine Self-Disclosure

The process of openly and honestly sharing one's true thoughts, feelings, and experiences with others, facilitating deeper connections and understanding.

Repress

To block off memories that may cause pain, embarrassment, or guilt.

Experiences

Life events or activities that a person goes through, contributing to their knowledge, skills, and personal development.

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