Which of the following statements is incorrect?Group of answer choicesAn advantage of a sole trader business is that the owner can keep all profits.A disadvantage of starting a sole trader business, is access to limited capital.A disadvantage of starting up a company is that shareholders face limited liability.An advantage of starting up a partnership, is access to higher capital compared to the capital that would be used to set up a sole trader business.An advantage of starting up a company is that the company could have stronger borrowing power.

Which of the following is an advantage of being a sole trader?Group of answer choicesA sole trader business is inexpensive to set up and easy to wind down.A sole trader has limited access to skills and resources.A sole trader pays less tax.A sole trader has unlimited liability.

Which one of the following is an advantage of a sole proprietorship?Group of answer choicesA. Shares debt burden with others in the businessB. Make financial decisions in a teamC. Unlimited access to public findingD. Ease of starting a business

Which of the following is a disadvantage of sole proprietorship?Group of answer choicesThe owner has few tax breaks.The owner retains few profitsThe business is difficult to start.The owner absorbs all losses.

Which of the following is not an advantage of a sole proprietorship?It is inexpensive to set up.Changes to the owner's business plan can be made easily.Liability is limited.Losses incurred by the business can be set off against the owner's income from other sources to reduce income tax.

Which of the following is a disadvantage of operating a business as a sole proprietorship?Multiple choice question.Single taxationPersonal liability for business debtsManagerial control of business and profitsFewer legal formalities required for business start-up compared to a corporation