Question
Give reason why a 'Sole Proprietorship' is preferred for small businesses.
Answer :
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A Sole Proprietorship is a form of business organisation in which one individual owns, manages and controls the entire business. It is one of the oldest and simplest forms of business ownership and is particularly suitable for small businesses. Many small entrepreneurs prefer sole proprietorship because of its simplicity, low cost, flexibility and direct control over business operations. The first reason is easy formation. A sole proprietorship can generally be started with minimum legal formalities compared with companies and other complex forms of business organisation. The owner can establish the business quickly after obtaining the licences and registrations required for the particular activity. This makes it convenient for people who want to start a small business with limited resources. Another important reason is the small amount of capital required. Small businesses often operate with
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