Which of the following statements is not true of a sole proprietorship?

Federal and state governments typically require a formal
filing with the appropriate government officials
whether or not the sole proprietorship uses a fictitious name.
The sole proprietorship is not a separate legal entity
apart from its owner.
The capital to start the business is generally limited to
the funds the sole proprietor either has or can borrow.
It is generally considered to be the simplest type of
business structure.