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The simplest form of business organization, is the sole proprietorship, which is owned by one person. Many small business start out as sole proprietorship . The owner has relatively unlimited control over the business and keeps all the profits. These firms are usually owned by one person who has day-to-day responsibility for running the business. Sole proprietor own all the assets of the business and the profits generated by it. They also have complete responsibility for any of its liabilities of debts. In case of breach of contract the business property and personal assets of the owner may be taken to pay judgments for damages awarded by courts. Sole proprietorship are the most numerous form of business organization. No charter and permit are needed and there are no particular, legal requirements for organizing or conducting a sole proprietorship. When started, many sole proprietorship are conducted out of the owners home, garage, or cnd inventory may be limited and may often be purchased on credit.
There are many pros and cons of an individual entrepreneur. On some, I'll tell you
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