One of the Disadvantages of a Sole Proprietorship Is That

question 81

True/False

One of the disadvantages of a sole proprietorship is that the owner is liable for the losses of the business.

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Definitions:

Payment

The act of providing money in exchange for goods, services, or to satisfy a debt.

Credited

Recognized or accounted for in financial transactions; often involves adding a sum to an account balance.

Account

A record or statement of financial expenditure and receipts, related to a specific period or purpose, or a contractual arrangement through which an individual or entity receives financial or banking services.

Cheque

A written, dated, and signed instrument that directs a bank to pay a specific sum of money to the bearer or to a specified person.