This essay discusses whether the concept of liability apply to a sole proprietorship. Sole proprietorship is a business owned by one person. The legal existence of proprietorship is extension of proprietor. It may have any number of employees.
Sole proprietorship is a business owned by one person. The legal existence of proprietorship is extension of proprietor. It may have any number of employees, and the employee differs from independent contractor may do business under a trade name
It is sometimes incorrectly said that a corporation or LLC has limited liability. actually, the corporation and LLC have limitless, personal liability for their debts. They can lose everything they own. It is the owners who benefit from limited liability: The owner’s liability for the business’s debts is limited to what he or she has put in in the business i.e., the business’s assets. Unlimited liability of owner, together with liability for acts done by employees in furtherance of proprietorship business. An individual operating as a sole proprietorship does not enjoy the limited personal liability found with significantly all other types of business entities. That is, a person conducting business in his or her individual capacity has unlimited personal liability for the business’ debts.
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