What is a Sole Proprietorship?
A sole proprietorship is a type of business structure in which a single individual owns and operates the business.
The individual, known as the sole proprietor, is personally responsible for all aspects of the business, including its debts and liabilities. The business and the proprietor are considered one and the same in the eyes of the law.
Advantages of a sole proprietorship include:
Disadvantages of a sole proprietorship include:
It is important to note that, depending on the location, there may be certain types of business activities that are restricted or prohibited for sole proprietorships.
There are several types of legal business entities you can create when starting a business.