It is easy to start a sole proprietorship because it may only require a simple permit or license to start.
What is Sole proprietorship?
A sole proprietorship, also known as a sole trader or a proprietorship, is an unincorporated business with one owner who pays personal income tax on the business's profits. Many sole proprietors conduct business under their own names because it is unnecessary to register a separate business or trade name.
A sole proprietorship is the simplest type of business to establish or dissolve due to a lack of government regulation. As a result, sole proprietors, individual self-contractors, and consultants are particularly fond of these types of businesses. Most small businesses start out as sole proprietorships and either stay that way or grow into a limited liability entity or corporation.
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