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In a sole proprietorship, the profits earned by the business are:_________
a) taxed as income for the business, but exempt from the personal income tax paid by the owner.
b) taxed at the lowest corporate rate.
c) the property of the owner, except for taxes owed to the government.
d) tax-free if the appropriate exemption is filed with the local government.

Respuesta :

In a sole proprietorship, the profits earned by the business are the property of the owner, except for taxes owed to the government.

What is a sole proprietorship?

A sole proprietorship is a type of business that is owned by only one person.

What are the characteristics of a sole proprietorship?

  • It is owned by one person
  • The business has unlimited liability
  • The business usually lacks continuity. This type of business usually ceases to exist when the owner dies
  • The business is usually not separated from the owner

To learn more about sole proprietorship, please check: https://brainly.com/question/15132409

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