Topic Content:
- Definition of Sole Proprietorship
- Advantages of Sole Proprietorship
- Disadvantages of Sole Proprietorship
What is Sole Proprietorship?
A sole proprietorship is a form of business organisation, that is owned, organised, and controlled by one person for the purpose of making a profit.
It is also known as a sole trade or one-man business. It is the oldest and most common form of business organisation. The owner is called a sole proprietor or sole trader.
Examples are petty traders, hairdressers, plumbers, fashion designers, etc.
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