13 1s Fred starts up, and assumes the financial risk of, Graphic Ads, a new enterprise. Fred is: an agent. a franchisor. a franchisee. a sole proprietor. 14 14 The major disadvantage of the sole proprietorship form of business is that: the sole proprietor can sell all or part of his business. the sole proprietor enjoys more flexibility. the sole proprietor has to do all of the work. the sole proprietor has unlimited liability for the business. 15 1$ In a limited partnership, a partner who assumes responsibility for the management of the partnership and personal liability for all partnership debts is a: silent partner. O limited liability partner. limited partner general partner