An Advantage of Proprietorship Is That the Owner Is Faced

question 39

Multiple Choice

An advantage of proprietorship is that the owner is faced with

• A) complete control.
• B) easy-to-obtain financing.
• C) unlimited liability.
• D) limited liability.
• E) lower tax rates than those applicable to a partnership.

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Definitions:

Municipal Court

A local court with limited jurisdiction over violations of city or municipal ordinances, minor criminal offenses, and civil matters within its geographical area.

Probate Court

A specialized court that handles matters related to wills, estates, guardianships, and the distribution of deceased persons' assets.

Small Claims Court

A special court designed to resolve disputes involving relatively small amounts of money, with simplified procedures and without the need for attorneys.

Highest Appellate Court

The top court in a jurisdiction's court system with the ultimate authority to hear appeals in legal cases.