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7 January, 14:00

Olav owns precision painting, a sole proprietorship. olav's liability is

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  1. 7 January, 16:35
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    The answer is D.

    Explanation:

    A sole proprietorship is a one man business (it is owned and run by one man). Sole proprietorship is not a distinct business entity i. e there is no legal distinction between the owner and the business entity.

    Because the business is not separated from its owner, he or she can be liable for the debt of the business. The sole proprietorship can be sued directly for any bad debt the business incurs. This is what unlimited liability means and it is the main disadvantage of of sole proprietorship.
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