Principles of Management: Disadvantages of Sole Proprietorship
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Unlimited Liability
any liability incurred extends to the owner's personal assets
Difficulty in attracting good employees
cause for sole proprietorship known for not surviving in long periods of time
Limited Life of the Firm
the existence that depends on the physical well-being of the owner
Raising Capital
this depends on the financial resources of the sole owner
Lack of ability and experience
where the business depends largely on the management skills of the owner
