SOLE PROPRIETORSHIP
Forms of Business: Sole Proprietorship
This is the form of business you have now. It's the default form. It means there's one owner - you - and for legal purposes, you and your business are entwined.
Many entrepreneurs prefer to remain at this stage until the early hiccups of the business is sorted out.
The advantages of a sole proprietorship:
- It's just you, so you make the rules, determine the emphasis, steer your business where you want it to go.
- The profit is yours.
The disadvantages of a sole proprietorship:
- Just like the profit, the losses are yours, but because you and your business are one and the same in the eyes of the law, it means that business debt is also personal debt. Not good.
- Also when your business is sued, you are sued in your personal capacity. Definitely not good
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