Limited Personal Liability Is a Characteristic of a Sole Proprietorship

question 12

True/False

Limited personal liability is a characteristic of a sole proprietorship.

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Definitions:

Legal Document

A document that states some contractual relationship or grants some right, enforceable by law.

Contractual Acts

The actions or deeds performed under the terms of a contract or agreement between parties.

Statute of Frauds

A rule of law stipulating that certain categories of agreements must be documented and signed to be legally binding.

Verbal Agreement

An oral contract in which the terms are agreed upon by spoken communication rather than written, yet is legally binding.