Question

What are the basic fundamentals of sole proprietary business?

Answer 1

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⭐⭐⬅️ Answer ➡️➡️➡️➡️A sole proprietorship is the simplest and least expensive legal structure to establish. Costs are minimal, with legal costs limited to obtaining the necessary license or permits. Complete control. Because you are the sole owner of the business, you have complete control over all decisions

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Answer 2

No legal formalities are necessary to organize such businesses, and usually business operations can begin with only a limited investment (called Capital). A sole proprietorship does not pay taxes on profits at the business level but instead pays taxes based on the company's earnings on the owner's personal income tax.