Advantages of Sole Proprietorship
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ease and cost of formation
Among the three forms, the sole proprietorship is the easiest and least costly to organize
closing the business
Sole proprietorship can be dissolved by the owners at will.
taxation
The net income of the sole proprietorship is treated as the personal income of the sole owner and is taxed accordingly.
Control of the Business
The sole owner is also vested with the power to control solely the business
Government Regulation
The sole owner is required to submit fewer reports.
secrecy
The sole proprietorship has the advantage of keeping his intentions secret.
Distribution and use Profits
The sole proprietorship is the sole beneficiary. He does not have to share these with anyone.