Sole Proprietorship Firm

A business that legally has no separate existence from its owner. Income and losses are taxed on the individual’s personal income tax return. The sole proprietorship is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity.


  • You’re The Boss
  • You Keep All The Profits
  • Start-Up Costs Are Low
  • You Have Maximum Privacy
  • Establishing And Operating Your Business Is Simple
  • It’s Easy To Change Your Legal Structure Later If Circumstances Change You Can Easily Wind Up Your Business.


  • You Have Unlimited Liability For Debts As There’s No Legal Distinction Between Private And Business Assets
  • Your Capacity To Raise Capital Is Limited
  • All The Responsibility For Making Day-To-Day Business Decisions Is Yours
  • Retaining High-Calibre Employees Can Be Difficult
  • It Can Be Hard To Take Holidays
  • You’re Taxed As A Single Person The Life Of The Business Is limited.

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