Section 1
Sole Proprietorships
Book
Version 6
By Boundless
By Boundless
Boundless Business
Business
by Boundless
3 concepts
A Brief Definition of Sole Proprietorships
A sole proprietorship is owned and run by one individual who receives all profits and has unlimited responsibility for all losses and debts.
Advantages of Sole Proprietorships
The advantages of a sole proprietorship versus other forms of organizations is the relative ease of set-up and the lower start-up costs.
Disadvantages of Sole Proprietorships
Sole proprietorships face a number of difficulties in the longer terms compared to limited liability companies.