Examlex
A laptop computer that is purchased by an accounting firm is considered to be:
Sole Proprietorship
A firm with a single owner who has the right to all profits but who also bears unlimited liability for the firm’s losses and debts.
Personal Liability
An individual's legal responsibility to settle a debt or fulfill an obligation from their own assets, as opposed to the liabilities being limited to business assets.
Business Organization
A legal entity formed to conduct business activities, ranging from sole proprietorships to corporations, structured according to law and operational needs.
Household Income
The combined gross income of all members of a household, encompassing wages, salaries, benefits, and other income sources before taxes.
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