OVERVIEW

A sole proprietorship is an excellent choice for individual entrepreneurs looking to start a small business with minimal hassle. Its simplicity, combined with the direct control it offers, makes it a preferred business structure for many. By understanding the registration process and preparing the necessary documentation, you can smoothly establish and run your sole proprietorship, allowing you to focus on growing your business and achieving your entrepreneurial goals.

DEFINITION

A sole proprietorship is a business owned and run by one person, without any legal separation between the business and the owner. The owner is entitled to all profits, but is also responsible for all debts and losses. A non-registered, unincorporated business run solely by one individual proprietor with no distinction between the business and the owner.

FEATURES OF A SOLE PROPRIETORSHIP

• The owner has unlimited liability
• The business can be sued or sued in the owner's name
• The owner can get a trade name
• It can be hard to raise money
• It can be a good choice for low-risk businesses