MANAGEMENT

Detailed explanation-1: -The sole proprietor is personally entitled to all of the profits and is responsible for any debts that the business incurs. Sole proprietorship is the simplest and most flexible business structure. The sole proprietor has total control and full decision-making power over policies, profits and capital investment.

Detailed explanation-2: -Answer and Explanation: A sole proprietorship has a single owner, but there is no limited liability. The proprietor is responsible for all the debts of the business.

Detailed explanation-3: -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-4: -Sole Proprietorship The sole proprietor receives all the profits from the business, and bears all the losses, which may exceed the proprietor’s investment in the business.

Detailed explanation-5: -Sole proprietorship is the simplest and the oldest form of business under which an individual is able to conduct business. It does not need to be registered or incorporated. Therefore, it is not considered as a legal entity.