What is sole properitorship its advantages and disadvantages

Sole proprietorship

DEFINATION

Sole proprietorship is a very old simple form

of business organization it is sad to be 

as old as was civilization sole tradership is 

established managed and financed by a 

single or sole person who made himself

responsible for all risk and all profit

Features

•one man show

•unlimited liability

•no legal formalities

•easy to dissolve

•limited capital

•limited resources

•limited managerical ability

•chances of loss

•flexibility

•short term life

Advantages

•easy formation

•personal contact

•quick decisions

•greater personal interest

•secrecy

•Economy

•loan facilities

•benefit of inherited goodwill

•effective management

•tax advantageous

Disadvantages

•uncertain live

•unlimited liability

•limited resources

•low profit

•limited credit facility

•weak bargaining position

•lack of specialization

•possibility of wrong and hasty

  decisions

•secrecy creates suspicion

•unsuitable for the developed business

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click the link : https://youtu.be/qcXPjoh8Eug