A Proprietorship Is

question 374

Multiple Choice

A proprietorship is

• A) difficult to form.
• B) taxed twice-once when it pays business taxes and again when its owner pays personal income taxes.
• C) not often found in developed economies, in which corporations have become the most common form of business organization.
• D) risky for its owner, who is personally responsible for the firm's debts.

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Definitions:

Acquired Possessions

Objects or assets that an individual or entity obtains or comes to own over time, not inherited.

Discard

The act of getting rid of something that is no longer useful or desired.

Posttraumatic Growth

Positive psychological changes experienced as a result of struggling with highly challenging life circumstances or traumatic events.

Severely Traumatic

Describes an event or experience that is extremely distressing or disturbing, often leading to lasting psychological impact.