A sole proprietorship is a business owned and operated by one individual without any partners or incorporation where the owner has personal liability for business debts and obligations. It is a common business structure for part-time ventures, direct sales, startups, contractors and consultants due to lower start-up costs and ease of money handling but disadvantages include personal liability, difficulty raising capital or financial control, and potential loneliness as the sole owner.

1. Sole Proprietorship Kadri Paes

2. What is a Sole Proprietorship? business of one with no partners without corporation without limited liability status

3. Common structures part-time businesses direct sellers new start-ups contractors consultants

4. Advantages quicker tax preparation avoidance of double tax lower start-up costs ease of money handling

5. Disadvantages personal liability lack of financial control s lonely at the top difficult to raise capital high income taxes

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