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SOLE PROPRIETORSHIP
CONTENT
- Features of Sole Proprietorship
- Features of Sole Proprietorship
- Sources of Capital for Sole Proprietorship
- Advantages and Disadvantages of Sole Proprietorship
The Meaning of Sole Proprietorship
Sole proprietorship could be defined as the business organization both owned and controlled by a man. The owner is called the sole proprietor or sole trader. This type of business may be operated by the proprietor (owner) alone or it may employ several people, but the main feature of it is that it is owned by one person and tends to be a small business. It is the oldest, simplest and commonest form of business in Nigeria. Sole proprietors tend to have only a few employees, and less machinery or capital than larger business. Examples are private schools, hair salon, barber’s shop etc.
Features of Sole Proprietorship
Sole proprietorship business is characterized by the following:
- It owned and controlled by one man.
- It has unlimited liability.
- It is not a legal entity.
- Its main aim is to make profits.
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ClassHall Instructor
Halima Ahmadu