1) A major disadvantage of the sole proprietorship is:

A- no organizational fees.

B- the sole proprietor obtains all of the profits.

C- the sole proprietor is personally liable for the debts of the sole proprietorship.

D- the sole proprietor is free to make all business decisions concerning operation of the sole proprietorship.

2) A sole proprietorship is taxed:

A- only on a personal level.

B- only on the corporate level.

C- on a personal and a corporate level.

D- none of the above.