Which of the following is an exclusion to an advantage of a sole proprietor?

In the context of a sole proprietorship, owning all profits is an inherent advantage rather than an exclusion. A sole proprietor is entitled to all the profits generated by the business, which is a significant benefit of this business structure. This means that the owner does not have to share profits with partners or shareholders, allowing them to reap the full financial rewards of their efforts and investments.

The other aspects, such as limited personal responsibility, low startup costs, and decision-making freedom, are indeed advantages of operating as a sole proprietor. Limited personal responsibility typically refers to the idea that owners are often shielded from personal liability for business debts; however, in a sole proprietorship, owners have unlimited personal liability. Low startup costs are characteristic of the ease of establishing this type of business, and decision-making freedom refers to the ability to make business decisions without needing approval from partners or a board of directors. These factors contrast with the situation where a sole proprietor has complete ownership of profits, which is always applicable and thus not an exclusion.