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13 February, 20:19

Which sentences describe characteristics of a sole proprietorship?

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  1. 13 February, 23:32
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    Sole Proprietorship - A type of business organization that has one owner. The owner is personally liable for paying the business's debts.

    Characteristics

    Ownership: Owned by 1 person.

    Formation: No formal filing or agreement necessary to form.

    Liability: Owner could lose personal assets to meet obligations of business.

    Closing: Ends with death of owner or closing of business.
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