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Sole Proprietorship
General Partnership
100
Easy to create and maintain
What is one of the advantages of sole proprietorship?
100
Easy to create and maintain
What is an advantage of general partnership ?
200
Owner may deduct a net business loss from personal income taxes
What is another major advantage of sole proprietorship ?
300
Owner is personally liable for any debts, judgments or other liabilities of the business
What is a major disadvantage of sole proprietorship?
400
Owner must pay personal income taxes for all net business profits
What is another major disadvantage of sole proprietorship?
500
A sole proprietorship, also known as the sole trader or simply a proprietorship, is a type of business entity that is owned and run by one natural person and in which there is no legal distinction between the owner and the business. The owner is in direct control of all elements and is legally accountable for the finances of such business and this may include debts, loans, loss etc.
What is a sole proprietorship?