Please elaborate your answers of Q1-8 in detail by suggesting logical reasoning or correcting wrong statements. Q1. Which one of the following statements concerning a sole proprietorship is correct? A) A sole proprietorship is designed to protect the personal assets of the owner. B) The profits of a sole proprietorship are subject to double taxation. C) The owner of a sole proprietorship is personally responsible for all of the company's debts. D) There are very few sole proprietorships remaining in the U.S. today. E) A sole proprietorship is structured the same as a limited liability company