Question

sole proprietor ship or sole tradership (meaning or definition) ​

Answer 1

Answer:

Sole Proprietorship. Definition: A business that legally has no separate existence from its owner. Income and losses are taxed on the individual's personal income tax return. The sole proprietorship is the simplest business form under which one can operate a business.

Answer 2

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•Sole Proprietor :- Sole proprietor is the person which individually holds a business or a firm.

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•Sole Proprietor ship :- Sole proprietorship means a business owned, financed and controlled by a single person. The owner, called proprietor, alone is responsible for the profits and loss of the business.

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Features of sole proprietorship :-

•One man control :- The proprietor alone takes all the decisions pertaining to the business.

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•No legal formalities :- No legal formalities are required to start, manage and dissolve sole trader business.

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#BAL

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