A drawback of a sole proprietorship is: O a. the unlimited liability of the partners. Ob. conflicts with partners. O c. the complexity and cost to keep the records required by law. O d. its continued existence regardless of whether the owner lives or dies. O e. difficulty in obtaining financing.

Q: Which of the following is false regarding a sole proprietorship? The owner has unlimited personal…

A: There are several forms of business organisation, in which businesses can be run and maintained.…

Q: hich of the following is a characteristic of a sole proprietorship? Multiple Choice The owner bears…

A: Sole proprietorship is a type of business that is owned and managed by one person. This type of…

Q: ) Which of the following statement is not correct about a sole trader business? option: A. sole…

A: A sole trader refers to a person who is the only owner of the business or do not have any partner…

Q: Assess the truth of this statement: One of the rules of debits and credits and account balances for…

A: Partnership: Partnership is a form of business organization in which two or more two individuals…

Q: Unsecured creditors: have rights to be paid amounts owed, but the rights may have to be enforced…

A: Correct option is 1. i.e unsecured creditors have rights to be paid amounts owed, but the rights may…

Q: Which of the following statements is CORRECT? O a. In a limited partnership, the limited partners…

A: Partnership accounting involves the financial recording and reporting of business transactions for a…

Q: A lender whose mortgagor has defaulted may be offered a deed in lieu of foreclosure. If he accepts,…

A: The correct answer is: (B) The lender will take title subject to any junior Liens. A deed in lieu of…

Q: 20. Which of the following does not discharge a contract by operation of law? A - Bankruptcy B -…

A: Contract is referred as the legal enforceable agreement, which helps in creating, defining, and also…

Q: Which of the following is NOT an example of a contingency? Salaries payable to top management…

A: Contingencies typically involve uncertainties or potential future events that may impact a company's…

Q: 46. The allocation of owner's private expenses to his/her business violates which of the following?…

A: Accounting principles means the fundamental upon which the whole accounting is based. Every entity…

Q: Partners who are not legally responsible for unpaid partnership debts. A partnership that protects…

A: Partnership:   A partnership is a business entity where two or more persons come together to perform…

Q: An equitable lien is best describes by which of the following statements? Multiple Choice O It is a…

A: An equitable lien is a legal claim on property that arises from an equitable principle of fairness…

Q: The biggest disadvantage of a sole proprietorship is A It is the simplest type of business to start…

A: Sole proprietorship is oldest  form of business under which an individual is able to conduct…

Q: For Professionals, the benefit of an LLC, over a partnership, is that it: Group of answer choices…

A: Limited liability company is a form of business entity in which the owner of such company can not be…

Q: Dissolution of a partnership a.implies that the business cannot continue with a new group of…

A: Partnership: Partnership is a form of business organization in which two or more than two…

Q: Which of the following is a disadvantage of general partnerships? a) A partner who withdraws from a…

A: Partnership is one of the form of business organisation used. This is adopted by two or more than…

Q: When there is a capital deficiency, the effect is that

A: Capital Deficiency in a partnership means a state where one or more than partner has a debit balance…

Q: A covered member creates a blind trust and transfers assets into the blind trust. The covered member…

A: The trust and underlying investment would be considered the financial interest of the covered…