All of the Following Are Characteristics of a Proprietorship EXCEPT

question 199

Multiple Choice

All of the following are characteristics of a proprietorship EXCEPT

• A) the business is owned by one individual.
• B) one person is responsible for all the debts of the firm.
• C) one person gets all of the profits.
• D) the firm can form a corporation to protect itself against the debts.

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Definitions:

Future Wages

Earnings that an individual is expected to receive from their employment in the upcoming period.

Statutes

Written laws passed by a legislative body at the national or state level.

Gratuitous Assignment

The act of transferring rights or interests from one party to another without requiring any consideration or payment in return.

Revocable

Capable of being revoked, withdrawn, or cancelled, often referring to trusts, licenses, or permissions.