Why sole proprietorship is the best form of business?

Answer 1

A basic business legal structure is undeniably the sole proprietorship. Doing business independently without a corporation representing the company, entirely with full authorization and unlimited liability is probably the best choice if you are a new entrepreneur. Despite the fact that many people avoid doing business on their own fearing the fierce competition from bigger companies, sole proprietorship enjoys benefits and advantages that are hard to argue. These are:

a) Limited capital requirements

b) Full control

c) Full training

d) Better knowledge of the market

e) Simple accounting records

Besides the above mentioned advantages, you can easily sell or transfer your business at your discretion, anytime you choose. Therefore, if your sell the right product and you know your market well, a sole proprietorship can turn into a profitable venture that you can run on your own, being motivated and self-employed and without having to share your business secrets or profits with a partner.