Understanding Sole Proprietorship A sole proprietorship is the most common type of business. There are sole proprietorships everywhere. Small grocery stores, STD booths are mostly proprietorship businesses. A �Sole Proprietorship� business means that there is only ONE owner. There may be employees or helpers hired under the owner, but there is only one �head� who administers and runs the show. The definition of a Sole Proprietorship is: A business enterprise exclusively owned, managed and controlled by a single person with all authority, responsibility and risk. The basic advantage of a sole proprietorship is that since you are the only owner, you are free to run the business just the way you want to run it. Also, in a sole proprietorship you get to keep all the profits. The biggest disadvantage is that there is �unlimited liability� on the �Sole Owner�. In the case of �Sole Proprietorship�, the Govt. does not see any difference between the firm and the individual. If you are a plumber named Raju Sharma and you start a plumbing service firm called �Flush� which is a sole prop......

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