Question

Write four limitations of sole proprietorship.
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Answer 1

Advantages :

• A sole proprietor has complete control and decision-making power over the business.
• Sale or transfer can take place at the discretion of the sole proprietor.
• No corporate tax pay.ments.
• Minimal legal costs to forming a sole proprietorship.
• Few formal business requirements.

Disadvantages :

• Unlimited personal liability for all deb.ts of the company.
• Difficulty in raising investment capital.
• Difficulty in getting a business loan or line of credit.
• No business write-offs.

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Answer 2

Characteristics of sole proprietorship:

1. Individual ownership and control.

2. Undivided responsibility of business obligations.

3. No (or minimal) government regulation.

4. Complete fusion of ownership and control.

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