Gator is in the process of establishing a new business but he is unsure of the implications of the various business structures, from the following list select the statements that will apply to Gator if he opts for a SOLE proprietorship

Choose 2 options:

1 Will be the sole owner of the shares in his company

2 Will retain personal ownership of the business assets

3 Gators personal property could be used to satisfy a claim associated with a business ability

4 Income from gators business activities will be taxed in the year he withdraws