who gave the definition of sole proprietorship?
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A sole proprietorship is an unincorporated business that is owned by one individual. It is the simplest kind of business structure. The owner of a sole proprietorship has sole responsibility for making decisions, receives all the profits, claims all losses, and does not have separate legal status from the business.
Answer by XxItzMrUnicornxX
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Explanation:
- A sole proprietorship, also known as the sole trader or simply a proprietorship
- Sole owner of all profit and loss in the business
- he has unlimited liability
- it is the most traditonal and oldest form of business
- eg barber shop , parlour etc
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