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Legal-Sole Proprietorship Essay

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Below is an essay on "Legal-Sole Proprietorship" from Anti Essays, your source for research papers, essays, and term paper examples.

Legal Forms of Business
Law/531
November 7, 2011
















Sole proprietorship
This is the simplest form of business organization. A Sole proprietorship is a one person business, and the owner is the sole proprietor of the business. A Sole proprietorship is easy to establish and takes low cost to start, depending on the type of business. In this kind of business the sole proprietor owns and does all the management of the business and business transactions. He has the rights to hire fire and take all the management-related decisions. The owner is also responsible for all the debts and liabilities incurred by the business. A sole proprietor can own the business for any duration of time and sell it when he or she sees fit.   As owner, a sole proprietor can pass a business down to his or her heirs. In this type of business there are no specific business taxes paid by the company. The owner pays taxes on the income from the business as part of his or her personal income tax payments. A sole proprietor can be held personally liable for any business-related obligation. Many of the small businesses and some of the large ones operate in this way. Some of the disadvantages include the responsibility of all the debts and liabilities, and investors won’t usually invest in the sole proprietorships.
Scenario
The making different kind of pots with different sizes and designs is a profitable business as many people use them for different purpose according to their needs. Some use them in the kitchen and some others like a show piece. In this kind of business, the Sole proprietorship works well. The main reason for this is anyone can operate this with...

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