BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -A sole proprietorship is an unincorporated business that one person owns and manages. As the business and the owner are not legally separate, it is the simplest form of business structure.

Detailed explanation-2: -Sole proprietorship is the simplest and the oldest form of business under which an individual is able to conduct business. It does not need to be registered or incorporated. Therefore, it is not considered as a legal entity. Sole proprietorship can be operated under the name of the owner or some fictitious name.

Detailed explanation-3: -A sole proprietorship is a business that can be owned and controlled by an individual, a company or a limited liability partnership. There are no partners in the business. The legal status of a sole proprietorship can be defined as follows: It is not a separate legal entity from the business owner.

Detailed explanation-4: -Examples of sole proprietors include small businesses such as, a local grocery store, a local clothes store, an artist, freelance writer, IT consultant, freelance graphic designer, etc.

Detailed explanation-5: -Sole proprietorship is a type of business that is owned and operated by an individual (no partners involved) who pays personal income tax on business income. Sole proprietorships are not separate entities by law, so it’s considered one of the easiest types of businesses to start.