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Sole proprietorship—This is the simplest form of business organization
Sole proprietorship—This is the simplest form of business organization. It is used by anyone who does business without creating a separate business entity. The owner is the business, even though he or she may hire employees to run the business.
a. The owner is personally liable for all business debts and obligations.
b. The owner pays personal income taxes on all profits.
c. The proprietorship terminates on the death of the sole proprietor or the sale or transfer of the business.
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