Question

Explain whether the liability of a sole proprietor is limited to the extent of his share in business



Ans. A sole proprietor is a person who carries on business exclusively by and for himself. He is not only the owner of the capita of undertaking but is usually the orgnaiser and manager take all the profit or responsibility for losses​

Answer 1

Answer:

The liability of a sole proprietor is not limited to the extent of his share in business. The biggest downside to operate a business is that a sole proprietor is the solely responsible for liability. If you have personal debts that are unpaid, a creditor may go after your business profits or assets to satisfy the debt.

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Answer 2

Answer:

A sole proprietor is a person who carries on business exclusively by and for himself. He is not only the owner of the capita of undertaking but is usually the orgnaiser and manager take all the profit or responsibility for losses

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