Question

What type of business organization is owned by a single person, has limited life and unlimited liability? Corporation Partnership Sole proprietorship Limited liability company

Answer 1

The answer is sole proprietorship

Step-by-step explanation:

Sole proprietorship is a form of business enterprise that is owned, managed and controlled by one person. The owner of such business is not legally different from the business entity.

Such form of business has limited life because the death of the sole proprietor can put an end to the business. Also, sole proprietorship has unlimited liability because the owner is responsible for the debts which the business amass.

Answer 2

Sole proprietorship is the business organization that is owned by a single person. It also has unlimited liability because the creditors will go after the individual's personal assets if that individual fails to pay in time.