sutability of sole proprietorship
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Easy to form: It is very easy and simple to form and organize a sole trader's business. ... Profit incentive: Sole trader enjoys all the profits for himself; This profit motive is an incentive to work hard. 4. Quick decisions: Since he is the sole organizer, he can take quick decisions.
Sole Ownership. A single person is an owner of this type of business. ...
Unlimited Liability. ...
Limited Work Area. ...
Sole Right on Capital. ...
Sole Management. ...
No Legal Formalities. ...
Free to Select his Business. ...
Willful Commencement and Closure.
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A sole proprietorship can be defined as a form of business organization where a business has only a single owner.
Explanation:
- A sole proprietorship is a form of business organization where the operations of the business are owned, managed, and controlled by a single person.
- A sole proprietorship form of business organization is suitable for small-scale operations with a limited product line and activities to be done.
- A person having limited resources can also start a sole proprietorship business.
- However, a sole proprietorship is not great for carrying out diversified business operations.
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