ENTREPRENEURSHIP

Detailed explanation-1: -A sole proprietorship is the easiest and simplest form of business ownership. It is owned by one person. There is no distinction between the person and the business. The owner shares in the business’s profits and losses.

Detailed explanation-2: -A sole proprietorship is a non-registered, unincorporated business run solely by one individual proprietor with no distinction between the business and the owner. 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: -Many sole proprietors do business under their own names because creating a separate business or trade name isn’t necessary. A sole proprietorship is the easiest type of business to establish or take apart, due to a lack of government regulation.

Detailed explanation-4: -Sole proprietorships are the most common and simple form of business organization. They are formed by persons who own all or most of the business property and assets. They are 100% responsible for all of the control, liabilities and management of a business.

Detailed explanation-5: -The simplest and oldest form of business organization is the sole proprietorship. The sole proprietorship has only one owner. The sole proprietor and his business are one and the same.