Hello candidate,

When a business is owned and run by a single person. it is called a sole proprietorship.

The type of business is the characteristics. For instance, it has a single owner. Thus, the profit and loss directly affect the owner. This kind of business is simple to start as it does not require a huge space or manpower, or legalities.

It has a simple and cheap setup, which is definitely a merit or advantage. It is also preferable for a simple tax process and privacy. The owner has full control over this kind of business.

However, its limited growth, small investment, and workload for one sole owner can make it difficult to continue.

Thank You.