January 2017
Intermediate to advanced
500 pages
33h 23m
English
6-1 Discuss the advantages and disadvantages of a sole proprietorship.
A sole proprietorship is a business owned and usually operated by a single individual.
The sole proprietorship is a common form of business ownership because it is the easiest to establish, but there are both strengths and weaknesses inherent in this business form.
The advantage of establishing a business as a sole proprietorship is that there are no formal, legal requirements for starting the business, and the revenues and expenses are reported directly on the business owner’s personal income tax return.
The primary disadvantage of a sole proprietorship is that the owner’s personal and business assets are at risk in the event of a business catastrophe. ...