The sole proprietorship is the advantage in the business including ownership of all profits, freedom, flexibility, and ease and low cost of organization and dissolution
What is a sole proprietorship?
- A sole proprietorship is a type of business that is owned and operated by one person and in which there is no legal separation between the owner and the business entity.
- It is also referred to as a lone tradership, individual entrepreneurship, or proprietorship.
- A sole proprietor may hire staff members and does not always work alone.
- The lone proprietor is solely responsible for all losses and obligations and receives all gains (subject to business-specific taxes).
- The owner of the firm is the owner of all of the company's assets and is also responsible for all of the company's debts.
- A trade name or business name other than the sole proprietor's or the business's legal name may be used.
- If their company name differs from their legal name, they might need to officially trademark it; the procedure will depend on where they live.
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