What do you understand by a sole proprietorship firm? Explain its merits and limitations?
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it is that type of business where only one person is owner and solely controls all the actions of the business.
its merits are that it is very flexible, it takes less capital for startup, quick decision making.
its demerits are that it has unlimited liabality,and only person has to bear all the loss.
its merits are that it is very flexible, it takes less capital for startup, quick decision making.
its demerits are that it has unlimited liabality,and only person has to bear all the loss.
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