A sole proprietorship:

is relatively easy to create.

involves significant legal costs during the formation process.

has an unlimited life.

is taxed as a separate legal entity.

can generally raise significant capital from non$-$owner sources.

Question $9(4$ points$)$

A business organization owned by two or more individuals or entities, each of whom has unlimited liability for the firm's debts, is called a:

limited liability company.

limited partnership.

dual company.

joint stock company.

general partnership.