Question

What is the features of sole proprietorship??

Answer 1

Answer:

Sole Proprietorship in simple words is a one-man business organisation. Furthermore, a sole proprietor is a natural person(not a legal person/entity) who fully owns and manages this type of entity. In fact, the business and the man are the same, it does not have a separate legal entity

Explanation:

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Answer 2

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1. Single ownership
2. Individual risk bearing
3. No separate legal entity
4. Freedom of Operation
5. unlimited liability
6. one- man control
7. small - size
8. formation and closure
9. Hack of business continuity

☆More information☆

Single ownership :- The single proprietorship firm is owned by a single individual only. All the capital is supplied by the single individual from his out wealth or from borrowed fund.

Individual risk bearing :- In sole proprietorship firm whole risk is borne by a single individual only. The sole beneficiary of all the reword is or individual only.

No separate legal entity :- A sole proprietorship has no legal identity separate from that of its owner and the enterprise.

Unlimited liability :- The proprietor is personally liable for all the debts off the business. in case of business lesson, if the business assets are not sufficient to meet all business liabilities.

one man control :- The proprietor is the sole owner of the firm and the full control our it.

Small size :- The sole proprietor firms operates on a very small scale . As all the funds are arranged by one person, total management and control lies with one person only .

Formation and closure :- There are legal formalities required to start and close sole proprietorship form.

Hack of business continuity :- Since business and owner are one so death, insolvency, incapacity, ailment etc will have direct effect on the business.