Question

Mr. Ravi runs a small shop in a market. What merits will be there in this Sole Proprietorship form

of Organization​

Answer 1

The sole proprietorship form is easy to form and operate.

Explanation:

Sole proprietorship are businesses owned by a single person, it is the simplest and most common type of business. Although it can have multiple people operating it but it must have one sole owner. this type of business have many advantages over other businesses as it can be easily formed and the owner is the only one who is controlling the profits. Its disadvantage is that the owner is also liable for all the losses . As very few licenses are needed for it  it is the easiest form of business to for, maintain and dissolve. They also have tax advantages.

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