A sole proprietor: O assumes no losses O assumes no profits O receives tax-free fringe benefits assumes all losses of the business Ownership in a corporation: o is more readily transferable than ownership in other forms of organization O is difficult to transfer O noticeably affects the operations of the business o is transferred in much the same way as shares in a partnership In selecting the type of legal organization to use for a new small business, which of the following is a major consideration? O procedures for termination or liquidation O available benefits O profitability the needs of the entity and/or owners A disadvantage of a sole proprietorship is: O the difficulty of distribution the lack of limits on personal liability O the cost of starting the business o the complexity of the organization