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Market Research Group

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Sole Proprietorship Meaning – A sole proprietorship is a type of business structure that is owned and operated by one individual. This type of business structure is the simplest and most common form of business organization.

It is easy to set up and requires minimal paperwork. As the sole owner of the business, the sole proprietor is responsible for all aspects of the business, including profits and losses.

The sole proprietor is also responsible for all debts and liabilities incurred by the business. The sole proprietor is personally liable for any debts or liabilities incurred by the business, meaning that their personal assets can be used to pay for any debts or liabilities.

A sole proprietorship is advantageous for those who want to start and run a business without having to go through the hassle of incorporating. This type of business structure is also attractive to entrepreneurs who want to keep all the profits from their business and have complete control over their operations.

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