Sole Proprietorship and what it means to us as a community
Like I stated above, basically every sole proprietorship doesn't have government regulations, so the owner of the business can make the rules. There are no co-workers, no policy meeting sessions or form any group similar to a board of directors.
However, there are some disadvantages of sole proprietorships. Like if the company is in dept, the company may only be able to pay most of it, but not enough to pay the whole lawsuit.
SOURCES: "Sole Proprietorship." Https://www.sba.gov/content/sole-proprietorship-0. N.p., n.d. Web.
"Sole Proprietorship." Entrepreneur. N.p., n.d. Web. 03 June 2015.
SOURCES FOR PICTURES:
"Sole Proprietorship." Sole Proprietorship. N.p., n.d. Web. 03 June 2015. <http://2012books.lardbucket.org/books/an-introduction-to-business-v1.0/s08-02-sole-proprietorship.html>.
"Avoid Chargebacks and Credit Card Fraud through Better Understanding of Credit Card Acceptance and Risk." Avoid Chargebacks and Credit Card Fraud through Better Understanding of Credit Card Acceptance and Risk. N.p., n.d. Web. 03 June 2015. <http://www.spartadata.com/iphone-merchant-account-news-resources/sole_proprietor_merchant_account.php>.
(couldn't find one of the links to one of my pictures, sorry)
VIDEO SOURCE: "What Is Sole Proprietorship: Definition, Advantages & Disadvantages." N.p., n.d. Web. <What Is Sole Proprietorship: Definition, Advantages & Disadvantages>.
This shows how debts are usually paid off when the business is in debt
Proprietorships are the most common out of most business types
This pretty much explains what a sole proprietorship is and how you (the owner) are mostly responsible for everything in your business