Question

What liability does the owner of a sole proprietorship have?

Answer 1

The biggest downside to operating a business as a sole proprietor is the liability you are subject to. If your business incurs debts that it cannot pay from the profits, you are personally liable and responsible for payment. Creditors may sue you personally to satisfy the debt. The opposite is also true.

Answer 2

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If your business incurs debts that it cannot pay from the profits, you are personally liable and responsible for payment. 

This means that creditors of the business and individuals who have other claims against the owner can reach both the owner's business and personal assets.
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Answer - By Choudhary21