A sole proprietorship is the most common and simplest form of business ownership.docx

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A sole proprietorship is the most common and simplest form ofbusiness ownership. It is preferred by most entrepreneursbecause it offers advantages that partnerships and corporationscan’t provide. A sole proprietorship is not only cheap and easyto form, but it also gives you complete control and decision-making power. You don’t have to pay corporate taxes or shareyour income with anybody if you choose this form. A soleproprietorship is also covered by fewer government rules andregulations.Sole ProprietorshipSole proprietorship is a type of business that is owned and runby one individual. Under a sole proprietorship, there is no legaldifference between the owner and the business. The totalassets of the company belong to the sole owner and allliabilities are the responsibility of the owner. Although many soleproprietors operate using business names, single proprietorshipbusinesses are registered with local government authoritiesunder the name of the owne r.

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Term
Fall
Professor
NoProfessor
Tags
Business Law, Types of companies, Legal entities

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