Question

What are 5 characteristics of a sole proprietorship?

Answer 1

The five characteristics of sole proprietorship are as follows:

1. Sole owner of the business
2. Unlimited liability
3. No legal entity
4. Sole decision maker
5. Can wrap up the business anytime

Also read:

• Sole Proprietorship
• Difference Between LLP and Partnership
• Difference Between Sole Proprietorship and Partnership
• Difference Between Partnership Firm and Company
• Difference Between Dissolution of Partnership and Dissolution of Firm

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