Advantages of Sole Proprietorship
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Sole Proprietorship
A business owned and run by one person
Ease of getting out of the business
It is easy for the owner to exit or close the business
Ease of management
The business is easy to manage
Business does not have to pay separate business income taxes
The business is not required to pay separate taxes on its income
Psychological satisfaction
The owner experiences a sense of fulfillment and contentment
Owner enjoys all the profits
The owner of the business receives all the profits
Easy to start up
The process of starting the business is simple