Question

Write in brief merits and demerits of sole proprietorship​

Answer 1

Answer:

Sole proprietorships have several advantages over other business entities. They are easy to form, and the owners enjoy sole control of the business profits. However, they also have disadvantages, the biggest of which being that the owner is personally liable for all business losses and liabilities.

Explanation:

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Answer 2

Answer:

Advantages of Sole Proprietorship are

• Less paperwork to get started.
• Easier processes and fewer requirements for business taxes.
• Fewer registration fees.
• More straightforward banking.
• Simplified business ownership.

Disadvantages of a Sole Proprietorship are

• Unlimited personal liability. This means you are personally liable for all debts 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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