GENERAL KNOWLEDGE

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: -Sole proprietorship is a type of business that is owned and operated by an individual (no partners involved) who pays personal income tax on business income. Sole proprietorships are not separate entities by law, so it’s considered one of the easiest types of businesses to start.

Detailed explanation-3: -A sole proprietorship is easy to form and gives you complete control of your business. You’re automatically considered to be a sole proprietorship if you do business activities but don’t register as any other kind of business. Sole proprietorships do not produce a separate business entity.

Detailed explanation-4: -Sole Proprietorship It is the simplest form of business organization. Proprietorships have no existence apart from the owners. The liabilities associated with the business are the personal liabilities of the owner, and the business terminates upon the proprietor’s death.