MANAGEMENT

Detailed explanation-1: -The sole proprietorship is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts.

Detailed explanation-2: -Sole Proprietorship Sole Proprietorships are the most common form of legal structure for small businesses. Taxation: A sole Proprietorship has pass-through taxation. The business itself does not file a tax return.

Detailed explanation-3: -Sole proprietorships are the most common and simple form of business organization. They are formed by persons who own all or most of the business property and assets. They are 100% responsible for all of the control, liabilities and management of a business.

Detailed explanation-4: -Sole proprietorships are easy to establish and dismantle due to a lack of government involvement, making them popular with small business owners and contractors. Most small businesses start as sole proprietorships and end up transitioning to a limited liability entity or corporation as the company grows.

Detailed explanation-5: -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.