Sole proprietorship is the most common form of business that is owned and run by one individual. This type of business is simple to form and operate and enjoy greater flexibility of management, fewer legal controls, and fewer taxes. However, the business owner is personally liable for all debts incurred by the business. There isn’t a legal or financial distinction between the business and the business owner. The good thing about a sole proprietorship is that to form this type of business you don’t have to go through any legal procedures.
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