Lesson 5

Question 1

is a business
owned by a single person who has
complete control over business
decisions

Answer 1

PROPRIETORSHIP

Question 2

the
owner of proprietorship is not
separable from the business and is
personally liable for all debts of the
business.
➢ From an accounting point of
view – the business is an entity
separate from its owner

Answer 2

From a legal point of view