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Which of the following is a false statement regarding a sole proprietorship? Profits are taxed as the personal income of the sole proprietor. A sole

Which of the following is a false statement regarding a sole proprietorship?

Profits are taxed as the personal income of the sole proprietor.

A sole proprietorship requires few legal formalities.

The sole proprietor keeps all the profits from the business.

A sole proprietor has complete control of the management of the business.

A sole proprietor is not personally liable for the obligations of the business.

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