Liz owns a small technology firm where she has sole control and has personal liability for any business debts that arise. This is an example of which form of legal organization?.

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24-10-2022
Social Studies

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Liz owns a small technology firm where she has sole control and has personal liability for any business debts that arise. This is an example of which form of legal organization?.

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NomulaHarsh NomulaHarsh · Answer 1 · 2022-11-05T07:52:51-04:00

Liz owns a small technology firm that is a sole proprietorship. This means that she has sole control of the business and is personally liable for any business debts that arise.

What is solitary proprietor?
A person who runs an unincorporated business alone is known as a sole proprietor. However, if you want to classify a domestic limited liability company (LLC) as a corporation and you are the only member, you are not a sole owner.

What are a sole proprietorship's three benefits?
One benefit of operating a solo business is that you are in charge. You keep every dollar made. Low startup expenses. You are completely private. It's easy to start and run your own business.

If circumstances change, it's simple to change your legal structure afterwards. You can also quickly dissolve your company.

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Liz owns a small technology firm where she has sole control and has personal liability for any business debts that arise. This is an example of which form of legal​ organization?.

Answer :

Other Questions

Liz owns a small technology firm where she has sole control and has personal liability for any business debts that arise. This is an example of which form of legal organization?.