Question

Explain any two merits of sole proprietorship firm.​

Answer 1

Answer:

MERITS OF SOLE PROPRIETORSHIP:

1. Sole benefits:

A sole trader enjoys all the profits generated by his business.

2. Minimal legal formalities: 

There are minimal legal formalities required when forming the business. What is mostly required is a trading license which is offered at a small fee.

Answer 2

Answer:

(i) Quick Decision-making – A sole proprietor enjoys complete freedom in taking the decisions. (a) It facilitates quick decision-making as there is no need to consult others. He talks all major or minor decisions. (b) Timely decisions help him to take advantage of market opportunities as and when they arise.

Explanation:

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