Sole Proprietorship
Sole proprietorship is the simplest form of business organisation.
It is owned by one person, but it need not be operated by that
person alone. A sole proprietorship can even have large numbers of
employees.
There are advantages and limitations of running a Sole
Proprietorship type of business. Do carefully study the legal
implications of the pros and cons before deciding the best option.
Advantages of Sole Proprietorship
As a sole proprietor, you have absolute freedom in decision
making.
All profits will be your personal property.
No reports of accounts are required.
You only need to pay personal income tax and not business
tax.
Limitations of sole proprietorship
You are responsible for the debts and risks of the business.
Legally, there is no difference between your personal and
your business property. Your liabilities are unlimited, whicn
means risks and failures in the business will involve your
personal property.
Click
here for information on procedures
with regards to sole proprietorship.
Sole Proprietorship.htm