Advantages of Sole Proprietorships for New Businesses
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Sole Proprietorship
A business owned and operated by a single individual
Few government regulations
Limited oversight and compliance obligations from authorities
Simple licensing/paperwork
Minimal administrative requirements for legal operation
Freedom to make all the decisions
The owner has complete control over business choices
Full profits
The owner retains all earnings generated by the business
Easy set up
The process of starting the business is straightforward and uncomplicated