GACE Business (715) Practice Questions - GACE Business (6-12) (715) Assessment Exam

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A sole proprietorship is the most common form of business ownership in the United States. Which characteristic is a primary disadvantage of operating as a sole proprietor?

The owner has unlimited personal liability for business debts The business is subject to double taxation on profits The business must register articles of incorporation with the state Ownership cannot be transferred to another person under any circumstances

Correct Answer:

The owner has unlimited personal liability for business debts

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