list two merits of sole proprietorship
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1. Ease of formation and dissolution:
The sole proprietorship is the simplest form of business ownership. There is hardly any formality involved in setting up this type of organization. This ownership organization is not governed by any special Act.
2. Simplicity of operation and flexible management:
A sole trader need not consult anyone, refer to others, discuss with anybody, or take the opinion of any person, before he decides the affairs of his organization. In addition to this, the owner is not required to submit the results of the business to the prescribed authorities. Quick decision and prompt action enable him to take advantage of business opportunities.
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Advantages of Proprietorship
- Easy to Establish. ...
- Easier to Operate. ...
- Sole Beneficiary of Profits. ...
- Compliance & Taxation. ...
- Privacy. ...
- Unlimited Liability. ...
- Difficulty in Obtaining Funds. ...
- Higher Tax Incidence.
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