Final answer:
The characteristic that is not associated with a sole proprietorship is limited liability. Sole proprietorships are marked by unlimited liability, meaning personal responsibility for debts and obligations.
Step-by-step explanation:
The correct answer to the question of which of the following is not a key characteristic of a sole proprietorship is a) Limited liability. A sole proprietorship, being the most common form of business organization due to its single ownership, is characterized by several factors. It has the benefit of being easy to start, offers complete control over decision-making, and typically has a very straightforward management structure, allowing the owner to enjoy all the profits from successful management. However, unlike corporations, sole proprietorships do not offer limited liability. Instead, they come with the major disadvantage of unlimited liability, which means the owner is personally responsible for all debts and obligations of the business. This could lead to personal financial risk, including the loss of personal assets in the event of the business's failure.