Advantages of Sole Proprietorship

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.