Write meaning features, merits and demerits of sole proprietorship.
Answers
Answer:
A Sole proprietorship can be explained as a kind of business or an organization that is owned, controlled and operated by a single individual who is the sole beneficiary of all profits or loss, and responsible for all risks. It is a popular kind of business, especially suitable for small business at least for its initial years of operation. This type of businesses is usually a specialized service such as hair salons, beauty parlours, or small retail shops.
Answer:
Sole proprietorship is the simplest and easiest to form. It does not require legal recognition and attendant formalities.
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Disadvantages:
Limited Resources: A proprietor has limited resources at his/her command. ...
Limited Ability: ...
Unlimited Liability: ...
Limited Life of Enterprise Form:
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