3. Which of the following would not be considered an advantage of a sole proprietorship? (1 point) O Decisions can be made quickly without having to consult others.
O A proprietor is also responsible for his or her own health insurance.
There are no legal formalities if the business dissolves.
OA) All of the profits from the business go right to the owner.
UOC WWW
4. What can a proprietor do to minimize personal risk and liability? (1 point)
Change his/her name
O Form a limited liability proprietorship
O Form a limited liability partnership
O Form a limited liability company
5. Why are partnerships often favored over corporations? (1 point)
They have more power.
O They are more successful.
O There are no taxes levied on profits.
O A partnership structure eliminates the dividend tax levied upon profits realized by the owners.