ENTREPRENEURSHIP

Detailed explanation-1: -A sole proprietorship is the easiest type of business to establish or take apart, due to a lack of government regulation.

Detailed explanation-2: -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. A sole proprietorship can operate under the name of its owner or it can do business under a fictitious name, such as Nancy’s Nail Salon.

Detailed explanation-3: -Disadvantages of sole trading include that: you have unlimited liability for debts as there’s no legal distinction between private and business assets. your capacity to raise capital is limited. all the responsibility for making day-to-day business decisions is yours.

Detailed explanation-4: -A business corporation is the most complex form of business organization. Its formation and its internal operations are governed by state law. A business corporation is an entity organized for profit under the laws of one state.

Detailed explanation-5: -Formation: Corporations are more complex entities to create, have more legal and accounting requirements and are more complex to operate than sole proprietorships, partnerships, or LLCs. One of the major disadvantages of a corporation is the high level of governance and oversight by the board of directors.