SOLE PROPRIETORSHIP текст

SOLE PROPRIETORSHIP

There are three principal forms of business organization: .

1. the sole proprietorship,

2. the partnership, and

3. the corporation.

The most flexible, and easiest to start is the sole proprietorship, which is owned by one person. The owner has relatively unlimited control over the business and keeps all the profits. But the sole proprietor (owner) also has unlimited personal responsibility for the losses, debts, and liabilities. In case of breach of contract or tort, nonexempt personal property as well as the business property of the owner may be taken to pay judgments for damages awarded by courts.

Sole proprietorships are the most numerous form of business organization.

There are no particular legal requirements for organizing or conducting a sole proprietorship.

You must pay a license fee.

Some types of businesses, such as selling food or securities, are subject to special government regulations