Which of the following is a characteristic of a sole proprietorship?

Group of answer choices

The owner is personally responsible for the debts of the business even if the debts are more than the owner has invested in the business.

It is a legal entity separate from its owner.

Its income is taxed twice - once on the company's income tax return and again on the owner's individual income tax returns.

It is the only organizational form appropriate for service businesses.

Question asker: Correct answer is the first option