FL Business & Finance Practice Questions - Florida Construction Business And Finance Examination Exam

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A Florida contractor operates as a sole proprietor. Which statement is true regarding personal liability for business debts?

The owner has unlimited personal liability for all business debts The owner's liability is limited to the amount invested in the business The owner is liable only up to the value of business assets The owner is shielded from liability by Florida statute

Correct Answer:

The owner has unlimited personal liability for all business debts

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