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Question:

Discuss the features of a Sole Proprietorship and its suitability for specific types of businesses.

Answer:

  • Features of a sole proprietorship include:
    • Ease of Formation: Minimal regulatory requirements make it easy to start.
    • Full Control: The owner has complete control over decision-making.
    • Unlimited Liability: The proprietor is personally liable for all business debts.
    • Single Ownership: The entire profit belongs to the owner.
    • Lack of Legal Distinction: The owner and the business are legally the same entity.
  • Suitability: This form is ideal for businesses like retail shops, small-scale trading, and service-based businesses due to its simplicity and low operational costs.


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  • 4 months ago

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  • Answered by Ekta Mehta
  • 4 months ago

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  • Answered by Ekta Mehta
  • 4 months ago

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