MANAGEMENT

Detailed explanation-1: -What is Sole Proprietorship? 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: -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-3: -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-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: -A Sole proprietorship is an enterprise owned exclusively by one natural person and in which there is no legal distinction between the owner and the business entity. The entrepreneur exercises his activity without having created a distinct legal person.