Meaning of Sole Proprietorship
Sole trader-ship (proprietorship) is that form of business organization whose owner is just one person, who is called the sole trader. This person invests capital in the business and is solely responsible for all the profits and losses of the business. The same person is the manager and organizer of the business.
Advantages, Merits, and Importance
Following are the merits (or importance) of the sole proprietorship system
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