Select which combination of the statements below regarding sole proprietorship as legal form of a business, are all correct.

(1) The liability of the business is unlimited.

(2) The business is required to have their financial statements audited.

(3) The continued existence of the business is restricted to the lifespan of the owner.

(4) The owner of the business will have to pay tax on the taxable profit of the business as well as any other personal income earned, according to income tax scales for individuals.