Sole Proprietorship
A sole proprietorship is a business owned, managed, and controlled by one individual.
The owner is called a sole proprietor or sole trader.
It is easy to start and operate since it requires few legal formalities.
The proprietor invests capital, manages operations, and bears all profits and losses.
The owner has complete control over business decisions.
The liability is unlimited, meaning personal assets can be used to repay business debts.
The business ends with the death or decision of the owner.
It is suitable for small-scale businesses requiring quick decisions and personal attention.
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