Which one of the following statements concerning a sole proprietorship is correct?
A.
A sole proprietorship is designed to protect the personal assets of the owner
B.
The profits of a sole proprietorship are subject to double taxation
C.
The owner of a sole proprietorship is personally responsible for all of the company's debts
D.
There are very few sole proprietorships remaining in the U.S. today
E.
A sole proprietorship is structured the same as a limited liability company