BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -A sole proprietor is only the one who bears all risks which are related to its business. All the profits or losses which are earned from the business are to be enjoyed by the sole owner.

Detailed explanation-2: -Sole Proprietorship These firms are owned by one person, usually the individual who has day-to-day responsibility for running the business. Sole proprietorships own all the assets of the business and the profits generated by it. They also assume complete responsibility for any of its liabilities or debts.

Detailed explanation-3: -Sole proprietorship One person conducts business for him or herself. A sole proprietorship is not a legal entity. It has no life of its own separate and apart from the owner of the business. A sole proprietorship is the least complex form of business.

Detailed explanation-4: -Disadvantages of a Sole Proprietorship Sole proprietors have unlimited liability and are legally responsible for all debts against the business. Their business and personal assets are at risk. May be at a disadvantage in raising funds and are often limited to using funds from personal savings or consumer loans.

Detailed explanation-5: -Limited Liability Company (LLC) An LLC is a hybrid between a partnership and a corporation. Members of an LLC have operational flexibility and income benefits similar to a partnership but also have limited liability exposure.