what do you understand by sole proprietorship firm? explain its merits.....
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Answer:
The sole proprietorship is a form of business that is owned and managed by a single individual. That single individual has to supply capital owned or borrowed to the business.
As ownership belongs to one individual, it is both the prerogative and the responsibility of that individual to manage the affairs of business. He has to take decisions managerial, technical, financial, others to ensure efficient, effective, and profitable conduct of his business.
A sole proprietorship also referred to as a sole trader or a proprietorship, is an unincorporated business that has just one owner who pays personal income tax on profits earned from the business. A sole proprietorship is the easiest type of business to establish or take apart, due to a lack of government regulation
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