ENTREPRENEURSHIP

Detailed explanation-1: -A sole proprietorship, also known as a sole tradership, individual entrepreneurship or proprietorship, is a type of enterprise owned and run by one person and in which there is no legal distinction between the owner and the business entity. A sole trader does not necessarily work alone and may employ other people.

Detailed explanation-2: -The owner of a sole proprietorship is entitled to all profits but is also responsible for the business’s debts, losses, and liabilities.

Detailed explanation-3: -A sole proprietorship is an unincorporated business with only one owner who pays personal income tax on profits earned. Sole proprietorships are easy to establish and dismantle due to a lack of government involvement, making them popular with small business owners and contractors.

Detailed explanation-4: -A sole proprietorship, as its name states, has only one owner. The sole proprietorship is merely an extension of its owner: a sole proprietor owns his own business, and no one else owns any part of it. As the only owner, the sole proprietor has the right to make all the management decisions of the business.