What Type of Liability Do Sole Proprietors Have for the Debts

question 66

Multiple Choice

What type of liability do sole proprietors have for the debts of their companies?

• A) shared liability
• B) unlimited liability
• C) limited liability
• D) no liability

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Definitions:

Individual Self

The unique, cohesive identity or personality of a person as perceived by that same person.

Jains

Followers of Jainism, an ancient Indian religion emphasizing non-violence and truth.

Ritual Actions

Ceremonial acts performed in a prescribed manner as part of a religious or spiritual ceremony.

Daoists

Adherents of Daoism, a philosophical and religious tradition of Chinese origin that emphasizes living in harmony with the Dao, the fundamental nature of the world.