ENTREPRENEURSHIP

Detailed explanation-1: -A sole proprietorship-also referred to as a sole trader or a proprietorship-is an unincorporated business that has just one owner who pays personal income tax on profits earned from the business. Many sole proprietors do business under their own names because creating a separate business or trade name isn’t necessary.

Detailed explanation-2: -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-3: -Sole proprietorship Sole proprietorships do not produce a separate business entity. This means your business assets and liabilities are not separate from your personal assets and liabilities. You can be held personally liable for the debts and obligations of the business.

Detailed explanation-4: -A sole proprietor is someone who owns an unincorporated business by himself or herself.

Detailed explanation-5: -The concept of one person company (OPC) allows a single person to run a company limited by shares. A sole proprietorship is an entity run and owned by one individual without distinction between the owner and the business.