Question

explain the features of soletradership?​

Answer 1

Answer:

Features of Sole Proprietorship – 6 Main Features: Ownership, Control, Life of Business, Unlimited Risk, Unlimited Liability and Freedom

.The proprietor owns the business. ...

.The proprietor gets the business going. ...

.The business has no life of its own. ...

.The proprietor does not share profits or losses with anyone.

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Answer 2

Answer:

$\displaystyle\huge\red{\underline{\underline{SoleProprietorship}}}$

Sole Proprietorship in simple words is a one-man business organisation. Furthermore, a sole proprietor is a natural person(not a legal person/entity) who fully owns and manages this type of entity. In fact, the business and the man are the same, it does not have a separate legal entity.

In addition, a sole proprietorship usually does not have to be incorporated or registered. Thus, it is the simplest form of business structure and the ideal choice to run a small business or medium scale business. Let us look at some important features of a proprietorship.

Features of Sole Proprietorship

1] Lack of Legal Formalities

A sole proprietorship does not have a separate law to govern it. And so there are not many special rules and regulations to follow. Furthermore, it does not require incorporation or registration of any kind. In fact, in most cases, we need only the license to carry out the desired business.

And just like in its formation, there is hardly any legal process involved in its closure. All in all, it allows for ease of doing business with minimum hassles