A Sole Proprietorship is a business entity with a single owner/operator. A business entity is a professional organization offering something that has real existence. If you sell anything or have sold anything, you own or have owned a sole proprietorship.

Advantages of a Sole Proprietorship

• There are no legal formalities in forming or dissolving the business.
• The money made belongs to the owner.
• Decisions can be made quickly.
• Start-up costs may be minimal.
• It is a good type of organization for a business that will remain small, has limited exposure to liability, and does not justify the expenses of incorporating and ongoing corporate formalities.

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