Which of the Following Statements Is Incorrect

question 26

Multiple Choice

Which of the following statements is incorrect?

• A) Partnerships have unlimited liability.
• B) Most sole proprietors raise money by borrowing from banks.
• C) An advantage of sole proprietorships is that the owner has complete control.
• D) S corporations are considered a hybrid organization.

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Definitions:

James Otis

An American lawyer in the 18th century known for his outspoken opposition to the Writs of Assistance and the British policies that led to the American Revolution.

Sugar Act

A law passed by the British Parliament in 1764 designed to raise revenue from the American colonies by imposing a tax on sugar and molasses imported from places outside the British Empire.

Sugar Act

A law passed by the British Parliament in 1764, lowering the duty on imported molasses, aiming to strengthen the collection of trade duties under the Navigation Acts.