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Which of the following is a false statement regarding a sole proprietorship? Profits are taxed...

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Accounting

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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