Question

Suppose lenny is the sole owner of the football team, and has never created a separate business organization for it. how is the team owned? as a partnership. as a limited liability proprietorship. as a sole-proprietorship. as a limited liability company.

Answer 1

As a sole proprietorship, which is the least formal business structure that starts with a single person forming the company. One downside to a sole proprietorship is that the owner can be personally liable for business debt, whereas LLCs and other forms are more protective of investors.