BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -The sole proprietorship is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts.

Detailed explanation-2: -Sole proprietors have unlimited personal liability. There is no legal distinction between the owner and the business. This means that creditors of the business and individuals who have other claims against the owner can reach both the owner’s business and personal assets.

Detailed explanation-3: -Sole Proprietorship You and your business are equally liable for debts incurred by the business. Since a sole proprietorship does not offer limited liability to its owner, creditors of the business can go after your personal assets in addition to business assets.

Detailed explanation-4: -Sole Proprietorship This is a business run by one individual for their own benefit. It is the simplest form of business organization. Proprietorships have no existence apart from the owners.

Detailed explanation-5: -Sole proprietorships do not have the protection of limited liability. Instead, the sole owner has unlimited liability. This means that the sole owner is personally liable for the debts and expenses of the business. If the business is sued, the sole owner risks losing their personal assets.