Series 6 - Investment Company And Variable Contracts Products Representative Exam

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All of the following statements about a sole proprietorship are true EXCEPT:

All income or loss is that of the individual.
A
All of the owner's assets are liable for the debts of the business.
B
This account is easy to open and easy to dissolve.
C
All of the gains and losses are taxed to the business.
D

Explanations

All of the gains and losses are taxed to the individual in a sole proprietorship, not to the business.

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