Which of the following is typically considered a disadvantage of sole proprietorships? multiple choice income taxes are paid by both the business and its owner. the business is considered a separate legal entity from its owner. owner is personally liable for all debts of the business. establishing the business usually requires legal assistance.

The answer is: Owner is personally liable for all debts of the business.

Explanation:

Sole proprietorship is the oldest type of business, where a single person is the owner of a business.

Some of the advantages of sole proprietorship are:

the simplest and most flexible business structure.owner has complete control and full decision making powerseasy to close down the businessprofits are taxed at the owner´s tax rate

Some of the disadvantages of sole proprietorship are :

owner is personally liable for all debts of the business .- if the business goes bankrupt, usually the owner does alsodeath or illness of the owner will lead to the end of the business.difficulties in raising capital from outside sources

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