Most of the people dream of owning and running their own business. Operating and managing a business firm is quite complicated, and hence, several people drop out of the idea of owning a business. Sometimes it becomes difficult to make place in the market by replacing the existing names. Sole proprietorship firm is a type of firm which can help individuals to own a business and live their dreams while not having multiple legal responsibilities of the same.
Sole proprietorship firms are considered as individuals owning businesses. Sole proprietorship refers to a business where there is no distinction between the owner and the business entity. A sole proprietor is also known as a sole trader, individual entrepreneur, and various other names. Hence there are some benefits of having a proprietorship firm too.