Owners Operated Business: Management And Marketing Techniques.
Sole proprietorship, also known as self-employment is the least complex of business ownership and the most common form of business in the United States. In this type of business there is a single person who owns the firm. In a sense, that person is the firm. When the firm owes money, the proprietor (or owner) owes money, when the firm gains a profit, the proprietor gains a profit. The sole proprietorship has examples such as: they are easy to start, they are only taxed one time, and only the owner gains all the profits. It also has disadvantages such as: they have a high failure rate, and the owner can be sued by anyone that gets hurt in his store, which means risking his personal property.
