Question

Define sole proprietorship?​

Answer 1

$\huge{ \red{ \underline{ \overline{ \mid{ \bold{ \mathfrak{ \pink{ \: \: ANSWER \: \: \red{ \mid}}}}}}}}}$

$\bf{ \sf{ A\: \: business \: \: owned, \: \: managed \: \: and \: \: controlled \: }} \\ \bf{ \sf{by \: \: a \: single \: \: individual \: \: is \: \: known \: \: as \: \: a \: \: \purple{Sole}}} \\ \bf{ \sf{ \purple{Proprietorship \: \: Business}.}}$

$\mathfrak{ \underline{ \purple{ \: According \: \: \: to \: \: \: Kimball \: \: and \: \: Kimbal \: }}, \: \: \: the \: \:} \\ \mathfrak{sole \: \: propeietor \: \: is \: \: \: the \: \: supreme \: \: judge \: \: of \: \: all \: \:} \\ \mathfrak{ matters \: \: pertaining \: \: to \: \: his \: \: subject \: \: only \: \: to} \\ \mathfrak{general \: \: laws \: \: of \: \: land \: \: and \: \: to \: \: such \: \: special} \\ \mathfrak{legislation \: \: as \: \: may \: \: affect \: \: his \: \: particular \: \: line \: \: } \\ \mathfrak{of \: \: business.}$

$\rm{ \underline{ \blue{ \: According \: \: \: to \: \: \: J. \: L.\:Hansen \: }}, \: \: sole \: \: trader \: \: business} \\ \rm{is \: \: a \: \: type \: \: of \: \: business \: \: unit \: \: where \: \: one \: \: person} \\ \rm{is \: \: solely \: \: responsible \: \: for \: \: providing \: \: the \: \: capital,} \\ \rm{for \: \: bearing \: \: the \: \: risk \: \: and \: \: for \: \: the \: \: management} \\ \rm{of \: \: the \: \: business.}$

$\bf{ \underline{ \green{ \: According \: \: \: to \: \: \: L. \: H. \:Haney \:}} , \: \: the \: \: sole \: \: proprietorship} \\ \bf{is \: \: the \: \: form \: \: of \: \: business \: \: organisation \: \: at \: \: the \: \: head \: } \\ \bf{of \: \: which \: \: stands \: \: an \: \: individual \: \: as \: \: one \: \: who \: \: is \: \: } \\ \bf{responsible \: \: who \: \: directs \: \: its \: \: operations \: \: and \: \: who} \\ \bf{alone \: \: runs \: \: the \: \: risk \: \: \: of \: \: \: failure.}$