Forms Of Business Organisation -
Sole-Proprietorship
Class 11 - Business Studies - Study Notes
Sole proprietor means a form organization in which there is the only owner at business. He himself manages and is the only receipt of all profits and losses (risks).
Features of Sole-Proprietorship:
① Single ownership:
He is the sole owner of all the assets and resources of the business.
② No separate Legal Entity:
The Business has no separate existence or entity that of the business. All the assets and liabilities of the business are that of the businessman.
③ No Legal Formalities:
No Legal Formalities are required to start. manage and dissolve such business organization.