In which legal structure for organizations are owners always responsible for the company's assets or debts? A) sole proprietorship and LLC B) partnership or LLC C) sole proprietorship and partnership D) sole proprietorship, partnership, and LLC

• C) sole proprietorship and partnership

A sole proprietorship is an organization with a single owner who is considered to be one person with the business. The implication is that the owner is responsible for debts of the business to the extent that if the business cannot pay then the owner pays off using his or her assets. Any profits of the business belong to the owner.

A partnership is a business of two or more people who contribute their resources and participate in the management of the operations of the business. There are different types of partnership including the general partnership and limited liability partnership. Under a general partnership, the partners are responsible for the assets and debts of the business.