MANAGEMENT

Detailed explanation-1: -A Sole proprietorship can be explained as a kind of business or an organization that is owned, controlled and operated by a single individual who is the sole beneficiary of all profits or loss, and responsible for all risks.

Detailed explanation-2: -Proprietor refers to an owner, i.e. someone who has legal and exclusive ownership of something. In particular, it refers to the owner of a sole proprietorship, in which case it is also called sole proprietor.

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.