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What is sole proprietorship?

The sole proprietorship is the business owned and usually carried on by a single person known as proprietor. In sole proprietorship, business ownership and management is in control of the individual.  

The sole proprietorship has a number of advantages such as ease of starting, flexibility in decision-making and no bureaucracies in starting. On the other hand, there is a number of disadvantages associated with sole proprietorships such as unlimited liability, poor management and lifetime.

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