What are 5 characteristics of a sole proprietorship?

Characteristics of Sole Trader-ship (Proprietorship)
  • Sole Ownership. A single person is an owner of this type of business. …
  • Unlimited Liability. …
  • Limited Work Area. …
  • Sole Right on Capital. …
  • Sole Management. …
  • No Legal Formalities. …
  • Free to Select his Business. …
  • Willful Commencement and Closure.

What is a sole proprietorship quizlet?

sole proprietorship. a business that is owned (and usually operated) by one person.

What is sole proprietorship and its features?

Sole Proprietorship in simple words is a one-man business organisation. Furthermore, a sole proprietor is a natural person(not a legal person/entity) who fully owns and manages this type of entity. In fact, the business and the man are the same, it does not have a separate legal entity.

What is the sole proprietorship?

A sole proprietorship is the simplest and most common structure chosen to start a business. It is an unincorporated business owned and run by one individual with no distinction between the business and you, the owner.

What is meant by sole proprietorship in business?

A sole proprietorship , also known as a sole tradership, individual entrepreneurship or proprietorship, is a type of enterprise owned and run by one person and in which there is no legal distinction between the owner and the business entity.