SOLE PROPRIETORSHIP
Hello
Readers, How are you all today? It's Beautiful to be here with y'all doing this
now and being a source of help to you all. I thank God everyday for meeting you
all and being able to write to you and generally interact with you all. Let's
Get Started.....
Sole
Proprietorship may be defined as a form of business enterprise owned, financed
and managed by one person with the primary aim of maximising profits. The Sole
Proprietorship, also popularly referred to as one-man business, is the oldest
and the most common type of business organisation. It is an unincorporated
business unit owned by one person who provides the capital, runs the business
and undertakes the risks and profits of the business alone. For Example-
Farming, Fishing etc.
Features of Sole Proprietorship:
1.
Ownership is by one person.
2.
The Main Objective of the one man business is to make profit.
3.
Life Span depends on the owner and the business can fold up at any time.
4.
The Business is controlled and managed by the owner himself.
5.
The Sole Proprietor has unlimited liability.
