ENTREPRENEURSHIP

Detailed explanation-1: -Sole proprietorships are the simplest form of business structure and are easy and cheap to start due to few government rules. Proprietors enjoy full control and profits from the business but incur unlimited legal liability personally.

Detailed explanation-2: -An owner can either be a person or a legal entity that is the legal proprietor of a business. For example, a corporation (a legal entity) can be the owner of one or more companies. A sole proprietor specifically refers to the individual owner (proprietor) of a business being run as a sole proprietorship.

Detailed explanation-3: -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-4: -Sole proprietorships own all the assets of the business and the profits generated by it. They also assume complete responsibility for any of its liabilities or debts.