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An Overview
A proprietorship, also known as a sole proprietorship, is the simplest and most common form of business ownership. It is owned and operated by a single individual who is responsible for all aspects of the business, including its profits, liabilities, and decision-making. This structure is ideal for small businesses, freelancers, and independent professionals due to its simplicity and ease of setup.
Key Features
Advantages
Disadvantages
FAQ's
A business owned and operated by one individual, combining simplicity with direct control.
Select a business name, register if necessary, acquire relevant licenses, and comply with tax requirements.
No, it is better suited for small-scale businesses due to limited capital and liability concerns.
A proprietorship is a practical choice for individuals starting small-scale businesses who value simplicity and direct control. However, it’s essential to consider the risks and limitations, such as unlimited liability and restricted growth opportunities.
