A flexible and straightforward thanks to scale operations, sole proprietorship has several advantages but it comes with some risks and failures too. Famous names like JCPenney, eBay, Sears bring back mind many dollars in sales and lasting brand recognition, but these all have some points in common. If we've a glance at the straightforward structure of the opposite businesses, then we come to understand that sole proprietorship is straightforward to determine and cheap to supply. it's beneficial within the future and therefore the majority of the business owners prefer this sort of business structure. Before discussing the advantages of this business structure, we'd like to understand a few sole proprietorship.

What is a sole proprietorship?

It is a business structure linking the owner of the business to its organization. it's the straightforward quite structure of the business and not a legal entity. This structure doesn't need federal registration to work and therefore the owner of the business is responsible for all the business liabilities and debts. It includes workspaces, physical storefronts, established businesses, growing startups, creatives, individual freelancers and lots of others. The business owner is responsible for the security of workers, health, taxes, wages et al.