The sole proprietorship is the simplest business form under which one can operate a business. A sole proprietorship can operate under the name of its owner or it can do business under a fictitious name.

The sole proprietorship is a popular business form due to its simplicity, ease of setup, and nominal cost.

REASON FOR CHOOSING SOLE PROPERIETERSHIP FIRM

  • ┬ácomplete control and decision-making power over the business
  • No corporate tax payments
  • Minimal legal costs to forming a sole proprietorship
  • Few formal business requirements