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A sole proprietorship is a type of business structure owned and operated by a single individual. This model is simple to establish and maintain, as there are minimal regulatory requirements and no need to file separate Business Taxes; the owner reports business income on their personal tax return. The owner retains full control over decision-making but also assumes unlimited personal liability for the business's debts and obligations. It is a common choice for small businesses and freelancers due to its simplicity and flexibility.

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AnswerBot

1mo ago

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