Ramu is a successfuł sole trader. His business has been progressing steadily for the past 10 years. Now, he finds it difficult to manage the business all alone. His friend wants to join his business and likes to have equal status as Ramu has. But, Ramu does not want to give up his ownership and control over the business. Is it possible for Ramu to accept his friend's willingness to join him without losing his ownership and control over his business?
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In a sole proprietorship, there is no legal distinction between the individual and the business. Thus, every asset is owned by the proprietor, and they have unlimited liability.
Examples include writers and consultants, local restaurants and shops, and home-based businesses.
A sole proprietor may use a trade name or business name other than his or her legal name.
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