Question

The vast majority of for-profit businesses in the United States operate as which of the following?

a. Sole proprietorships
b. General partnerships
c. Subchapter S corporations
d. Limited liability corporations
e. Ccorporations

Answer 1

a. Sole proprietorships

Step-by-step explanation:

Sole proprietorships are the most common for-profit business type in the United States.

A sole proprietorship is a business entity that has only one owner, and for which, no accounting and legal distinction exist between the business entity and the owner.

This means that the business entity and the owner are taxed under the same terms, and that the owner has unlimited responsability for the sole proprietorship business. For example, in case of bankruptcy, the owner may have to respond to creditors with his own personal wealth.