GENERAL KNOWLEDGE

Detailed explanation-1: -A sole proprietorship is a business that can be owned and controlled by an individual, a company or a limited liability partnership. There are no partners in the business. The legal status of a sole proprietorship can be defined as follows: It is not a separate legal entity from the business owner.

Detailed explanation-2: -A sole proprietorship is an unincorporated business that one person owns and manages. As the business and the owner are not legally separate, it is the simplest form of business structure. It is also known as individual entrepreneurship, sole trader, or simply proprietorship.

Detailed explanation-3: -A sole trader, also known as a sole proprietorship, is a simple business structure in which one individual runs and owns the entire business. A sole trader is entitled to keep all profits after taxes have been deducted but is also liable for all losses the business incurs.

Detailed explanation-4: -Sole Proprietorship This is a business run by one individual for their own benefit. It is the simplest form of business organization. Proprietorships have no existence apart from the owners.

Detailed explanation-5: -Tradespeople: plumbers, electricians, or gardeners. Freelance workers: graphic designers, web designers, photographers, or artists. Independent contractors: tutors, food delivery drivers, couriers.