Question

1. which is not an advantage of a sole proprietorship? a unlimited personal liability b ease of start up c full control d few regulations 2. a partnership in which all partners are limited partners is a a proprietor partnership. b general partnership. c limited partnership. d limited liability partnership (llp). 3. payment other than wages or salaries is a(n) a liability. b fringe benefit. c obligation. d asset. 4. most partnerships take in receipts amounting to a under $25,000. b between $25,000 and $49,999. c between $50,000 and $99,999. d more than $100,000.

Explanation:

1. Question 1:

• A sole proprietorship has ease of start - up (can start quickly with less paperwork), full control (owner makes all decisions), and few regulations (compared to corporations). However, unlimited personal liability means the owner's personal assets are at risk for business debts, which is a disadvantage.

1. Question 2:

• In a limited liability partnership (LLP), all partners can be limited partners. A general partnership has general partners with unlimited liability. A proprietor partnership is not a standard term. A limited partnership has at least one general partner.

1. Question 3:

• Fringe benefits are payments other than wages or salaries (e.g., health insurance, paid vacation). Liabilities are debts, obligations are duties, and assets are resources.

1. Question 4:

• Most partnerships have relatively small receipts. Under $25,000 is a common range for many small - scale partnerships.

Answer:

1. A. Unlimited Personal Liability
2. D. limited liability partnership (LLP)
3. B. fringe benefit
4. A. under $25,000