Sole Proprietorship

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Last updated 12:58 AM on 7/22/26
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6 Terms

1
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Sole proprietorship

Companies owned by one person and responsible for all assets and liabilities

2
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  1. Receives all profits

  2. Low organization costs

  3. Income tax as personal tax

  4. Independence

  5. Secrecy

  6. Ease of dissolution

Advantages

3
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  1. Owner has unlimited liability

  2. Limited fundraising power

  3. Must be jack of all trades

  4. Lacks continuity

Disadvantages

4
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Assets

Resources with economic value that are owned and controlled by the business owners

5
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Liabilities

Debts or obligations which arise in the course of business operations

6
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Department of Trade and Industry

Who do owners register to