Explain some of the unique characteristics of sole proprietorship business.
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A sole proprietorship is a business that is run by a single individual who makes all the decisions, although the proprietor may engage employees. The sole proprietor is personally entitled to all of the profits and is responsible for any debts that the company incurs.
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Explanation:
1. Free from legal formation 2. Unlimited liability 3. Sole management 4. Secrecy 5. Freedom regarding selection of business 6.Proprietor and Proprietorship are one 7. Sole proprietorship
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