Sole proprietorship: A sole proprietorship , also identified as a sole trader, is owned by 1 individual and operates for their advantage. The owner operates the business alone and may possibly hire personnel A sole proprietor has unlimited liability for all obligations incurred by the business, regardless of whether from operating expenses or judgements against the business. All assets of the business belong to a sole proprietor, such as, for instance, laptop infrastructure, any inventory , manufacturing gear, or retail fixtures , as nicely as any true house owned by the sole proprietor.
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