What is a Sole Proprietorship?
A sole proprietorship is a business structure where one person owns and operates the business. It is easy to set up and requires little paperwork, and the owner is entitled to all the profits. However, the owner is also personally responsible for the business's debts and liabilities, and the business and personal assets are not separate.
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What is a Sole Proprietorship?
A sole proprietorship is a business structure where one person owns and operates the business.
What are the advantages of a Sole Proprietorship?
One of the main advantages of a sole proprietorship is that it is easy to set up and requires little paperwork.
The owner is also entitled to all the profits of the business, which can be a significant advantage.
What are the disadvantages of a Sole Proprietorship?
However, the owner is also personally responsible for the business's debts and liabilities, which can be a significant disadvantage.
Can I transfer ownership of a Sole Proprietorship?
Yes, the owner can sell the business or transfer ownership to another person without having to go through a complex process.
What are the risks of a Sole Proprietorship?
The business and personal assets are not separate, which means that the owner's personal assets are at risk if the business is sued or incurs debt.
