GENERAL KNOWLEDGE

Detailed explanation-1: -You have complete control as the owner This freedom means sole proprietorships are a popular first-step in building a business, as the structure gives owners the flexibility to experiment before committing to the regulations involved in operating a Limited Liability Company (LLC) or a corporation.

Detailed explanation-2: -The advantages of a sole proprietorship include all of the following EXCEPT: The sole proprietor bears unlimited personal liability for any losses incurred by the business.

Detailed explanation-3: -you’re the boss. you keep all the profits. start-up costs are low. you have maximum privacy. establishing and operating your business is simple. it’s easy to change your legal structure later if circumstances change you can easily wind up your business.