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Sole Proprietorship

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by

Caleigh McGilchrist

on 17 September 2013

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Transcript of Sole Proprietorship

Sole Proprietorship
What is a Sole Proprietorship?
Advantages
and
Disadvantages
BUSINESS LICENSE: when the government allows someone to own a business
IMPORTANT TERMS
ZONING LICENSE:
you can only have a business on a certain piece of property
When only one person ownS and runs a business
-you get all income
-easy to start and discontinue

-personally responsible
-limited resources
-no guarantee of success
-few regulations
-full control
LIABILITY:
obligation to pay debts
Liability
unlimited liability means that the person must take full responsibility of everything that happens in the business
examples: Nella's, The Inside Scoop, Shirt Off My Back
Full transcript