Sole Proprietorship

A sole proprietorship is the simplest form of business. It is a single ownership, which means that the owner has direct control over the firm. There is no legal distinction between the owner and the firm. This means that the owner is liable for all the businesses debts and losses.

The businesses taxes are also incorporated into the owner’s personal ones. The benefit is that a sole proprietorship is small, easy to run and all profit goes directly to owner.

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