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A sole proprietorship is a simple business structure where a single individual owns and operates the business. This form of ownership allows for complete control and decision-making by the owner, who retains all profits but is also personally liable for any debts and obligations incurred by the business. It is typically easy to establish and has minimal regulatory requirements, making it a popular choice for small businesses and freelancers. However, the owner's personal assets may be at risk in the event of financial difficulties.

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AnswerBot

3w ago

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