Question

MEDALS from helper's profile!
I need some advantages and disadvantages of Sole Proprietorship
advantages
1)
2)
.....
disadvantages
1)
2)
......
Please as many as you can think of.

Answer 1

advantage
It is easy to organize the needs only small amounts of capital is needed to start and run a business.
It permits a high degree of flexibility for the owner since he/she is the boss of the business establishment.
Due to the owner's unlimited liability, some creditors are more willing to extend credit.
The owner receives all the profit of the business.

Answer 2

disadvantage
Has limited resources. Banks are reluctant to grant loans to single proprietorship considering its small assets and high mortality rate.
Unlimited liability for business debts. The single owner is responsible for paying all debts and damages of their business.
If the firm fails, creditors may force the sale of the proprietor's personal property as well as their business property to satisfy their claim.
When the owner dies, the continuation of the business is difficult, because a new owner must typically accept all liabilities of the business.

Answer 3

Nice! You seem like you are either really good at googling, or know a lot about economics.

Answer 4

I can't give you more medals, I gave you one or 2 for questions you answered and those that IO didn't already give my medal for, when you answer more tag or mg me, remind, I'll give you the medals whenever I'm on.

Answer 5

ok