Question

which of the following are characteristics of a sole proprietorship?
o a business that is jointly owned by two or more persons, usually with a legally binding contract creating responsibilities for each partner
o owned and run by a single individual who has unlimited personal liability of the business
o a business that is legally recognized as a separate legal entity that has all the rights of a person, and has to pay double taxation on all profits
o a business that allows an entrepreneur to pay a fee in exchange for the right to use the parent companys name, business model and sell that business product

Explanation:

A sole - proprietorship is a business owned and run by a single individual who has unlimited personal liability for the business. The other options describe different business structures such as partnerships, corporations, and franchises.

Answer:

A business that is owned and run by a single individual who has unlimited personal liability of the business.