As a sole proprietor, the owner can engage workers and independent contractors, as well as delegate decision-making authority to the hired staff. A sole proprietorship, also known as a sole trader or a proprietorship, is an unincorporated business with only one owner who pays personal income tax on business profits. Due to a lack of government oversight, a sole proprietorship is the easiest type of business to start or shut down. As a result, these types of enterprises are extremely popular among sole proprietors, independent contractors, and consultants. Many sole owners operate under their own names since forming a separate legal entity is difficult. One of the most significant disadvantages of sole proprietorships is that, because they are not registered, they are not protected by the government. This indicates that the business's liabilities extend to the owner. The single proprietorship's debts are also the owner's debts. However, because all revenues flow directly to the business's owner, the profits of a sole proprietorship are also the profits of the owner.

Abhijith S

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