Margie opened a used bookstore and is both the 100 percent owner and the store's manager. Which type of business entity does Margie own if she is personally liable for all the store's debts?

Question

Business

Alicia Skinner

5 October, 21:08

Margie opened a used bookstore and is both the 100 percent owner and the store's manager. Which type of business entity does Margie own if she is personally liable for all the store's debts?

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Layne Gross · Answer 1

Full question:

Margie opened a used bookstore and is both the 100 percent owner and the store's manager. Which type of business entity does Margie own if she is personally liable for all the store's debts?

A. sole proprietorship

B. limited partnership

C. corporation

D. joint stock company

E. general partnership

Answer:

sole proprietorship type of business entity Margie own if she is personally liable for all the store's debts.

Explanation:

The sole proprietorship is not a lawful thing. It solely applies to a character who holds the firm and is individually answerable for its shares. They can operate subsequently the title of its master or it can run the company under a counterfeit name.

They are the most obvious design of business to build or practice alone, due to a lack of management law. As such, these kinds of businesses are extremely familiar among individual masters of companies, personal self-contractors, and counselors.

Here she is going to be owner and manager so she can choose sole proprietorship where no government formalities are there and she can be answerable to her is sufficient.