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A sole proprietorship is a business owned and managed by a single individual. It is the most common and simplest type of business entity. A sole proprietorship can have multiple people operating the business, but it must have one sole owner. Sole proprietorships have several advantages over other business entities. They are easy to form, and the owners enjoy sole control of the business profits. However, they also have disadvantages, the biggest of which being that the owner is personally liable for all business losses and liabilities. With minimal licenses to obtain or separate forms to follow, sole proprietorships are relatively easy to form, easy to maintain, and easy to dissolve.

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DISADVANTAGES OF SOLE PROPRIETORSHIP The smooth operation of sole proprietorship is hindered by the following disadvantages: ∆Owner lack of Ability and Experience - The success of the sole proprietorship will depend largely on the management skills of the owner. - The firm will need a generalist with sufficient gasp of the various specialized function like marketing, producting, finance, accounting, personnel, research. - Unfortunately it is difficult to find a qualified generalist to manage sole proprietorship. If the sole proprietor lacks the skill of generalist, then it would be very hard for them to succeed ∆Difficulty in Attracting Good Employee - Sole proprietorship are not known for surviving long periods. The existence of a sole proprietorship is co-terminus with the life of its owner. - As a consequence, good employees tend to get employment in a more stable enterprise, which is most often a corporation. ∆Difficulty of Raising Capital - In sole proprietorship, raising capital will depend on the financial resources of the sole owner. Even if he can obtain credit, the amount will depend on his sole capacity to pay. - This problem is specially felt when business expansion is required and become more difficult when credit is getting tight and interest rate becomes prohibited. The difficulty in raising additional capital often aggravates the problem of meeting competition. ∆Limited life of the Firm - The existence of sole proprietorship depends on a physical well-being of the owner. When he is ill, business operation may be affected. Prolong illness may make the firm go bankrupt. His death will mean liquidation of firm. - In any case employees, costumer, and creditors are saddled with some degree of anxiety as a result of the limited life of the firm. This limits the opportunity for growth and expansion, which could be afforded the sole proprietorship ∆Unlimited Liability of the Proprietor - Any Liability incurred by the sole proprietorship to the owner personal assets. In theory, the sole proprietorship could lose "even his T-shirt" if all his other assets are not enough to cover all claim against his business. - Unlimited liability is the greatest disadvantage of the sole proprietorship. The lives of quite a number of former sole proprietors became miserable because of this disadvantage.

DISADVANTAGES OF SOLE PROPRIETORSHIP The smooth operation of sole proprietorship is hindered by the following disadvantages: ∆Owner lack of Ability and Experience - The success of the sole proprietorship will depend largely on the management skills of the owner. - The firm will need a generalist with sufficient gasp of the various specialized function like marketing, producting, finance, accounting, personnel, research. - Unfortunately it is difficult to find a qualified generalist to manage sole proprietorship. If the sole proprietor lacks the skill of generalist, then it would be very hard for them to succeed ∆Difficulty in Attracting Good Employee - Sole proprietorship are not known for surviving long periods. The existence of a sole proprietorship is co-terminus with the life of its owner. - As a consequence, good employees tend to get employment in a more stable enterprise, which is most often a corporation. ∆Difficulty of Raising Capital - In sole proprietorship, raising capital will depend on the financial resources of the sole owner. Even if he can obtain credit, the amount will depend on his sole capacity to pay. - This problem is specially felt when business expansion is required and become more difficult when credit is getting tight and interest rate becomes prohibited. The difficulty in raising additional capital often aggravates the problem of meeting competition. ∆Limited life of the Firm - The existence of sole proprietorship depends on a physical well-being of the owner. When he is ill, business operation may be affected. Prolong illness may make the firm go bankrupt. His death will mean liquidation of firm. - In any case employees, costumer, and creditors are saddled with some degree of anxiety as a result of the limited life of the firm. This limits the opportunity for growth and expansion, which could be afforded the sole proprietorship ∆Unlimited Liability of the Proprietor - Any Liability incurred by the sole proprietorship to the owner personal assets. In theory, the sole proprietorship could lose "even his T-shirt" if all his other assets are not enough to cover all claim against his business. - Unlimited liability is the greatest disadvantage of the sole proprietorship. The lives of quite a number of former sole proprietors became miserable because of this disadvantage.