Need help with my writing homework on The Optimal Type of Business Enterprise, Its Structure, and Control. Write a 1500 word paper answering; A sole proprietorship is the oldest organizational form. It is controlled or owned by a single person and is a small scale work operated for the owner’s profit. It does not require any registration or any such complicated legal provision. It is often termed as sole ownership. It has the following characteristics such as – the capital is provided by the owner and any borrowing is done on additional requirement of funds, as there are no legal formalities it can be easily dissolved, it can be easily transferred to another person, the owner is the sole master has full freedom to take decision or actions, it can be easily formed as no legal formality is required, sole traders is the only legal entity of this business form, no legal restrictions for sole traders apart from setting up any particular kind of business, and the continuity of this form is based on life, good health or death of the owner.  .A sole proprietor is liable for all of the debts and even possesses liability in the account of any injuries caused due to business. The profit is retained entirely by the sole owner. The sole proprietor pays income tax on the total business income. It is the easiest form to set up a business but requires legal paperwork for local licenses for a suitable state, and if the owner sets up the business in someone else’s name it then requires a business license. The main disadvantages of such a form are limited financial resources, limited managerial capability, uncertainty in the continuity of the business, unlimited liability makes the personal properties of the owner at risk and is not suitable for large scale business (Cross, 1928). .  .  .
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