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17 October, 09:00

A sole proprietor has limited liability

in meeting the debts of his or her

business.

True or false

+2
Answers (1)
  1. 17 October, 09:22
    0
    The answer is false.

    Explanation:

    A sole proprietorship has an unlimited liability when it comes to meeting the debts to the external parties.

    Only private companies, public quoted companies and comapanies limited by guarantee are eligible to limited liability.

    Unlimited liability means that the owner is liable personally settel the debts, even at the cost of his personal fortune asd assets while in limited liability, a shareholder is only liable upto his contribution to the total equity.
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