Question

List all the advantages and disadvantages of owning a Sole Proprietorship

Answer 1

There are several types of advantage as well as disadvantage s

Advantage:  

• It is very simple to organize, it can easily upgrade
• The process of tax filing is simple
• There is no doubt in taxation
• The complete control is in hand of one person

Disadvantage:

• There is unlimited liability in one person
• There is 15.3% self-employment tax must be paid by owner on his earning  
• Funding comes from only personal savings