Question
Give reason why a 'Sole Proprietorship' is preferred for small businesses.
Answer :
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A sole proprietorship is one of the simplest and most common forms of business organization, especially suitable for small businesses. It is owned, managed, and controlled by a single individual who invests capital, takes decisions, and bears the risks and rewards of the business. Small businesses often prefer this form because of its simplicity, flexibility, and direct control. One of the main reasons for preferring sole proprietorship is easy formation and closure. Unlike companies or partnership firms, it does not require complicated legal procedures, registration formalities, or large amounts of documentation. An individual can start a small business with minimum requirements and can also close it easily whenever necessary. This saves time and reduces administrative difficulties. Another
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