What are the advantages and disadvantages of a sole proprietorship?
PROS: simplest and least expensive form of ownership to establish, single owner has flexibility to run business on her own, owner retains all of the profits, and earnings are taxed only as income of owner with no separate tax levied on the business itself.
CONS: single owner has unlimited liability for debts of business, requires one to work long hours and assume heavy responsibilities, it may be difficult to raise funds for expansion, and they have a limited life.
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