Which form of business ownership is characterized by a single owner with unlimit

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Question: Which form of business ownership is characterized by a single owner with unlimited liability?

Options:

Correct Answer: Sole proprietorship

Solution:

A sole proprietorship has a single owner who is personally liable for all business debts.

Which form of business ownership is characterized by a single owner with unlimited liability?

Which form of business ownership is characterized by a single owner with unlimited liability?

Step 1: Understand what 'business ownership' means. It refers to who owns and runs a business.
Step 2: Learn about different types of business ownership. Common types include sole proprietorships, partnerships, and corporations.
Step 3: Focus on 'sole proprietorship.' This is a type of business owned by one person.
Step 4: Know what 'unlimited liability' means. It means the owner is personally responsible for all debts of the business.
Step 5: Conclude that a sole proprietorship is the form of business ownership with a single owner who has unlimited liability.

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