User:Group1Accounting

Sole Proprietorship

Task 1: The owner has sole control - there are no power struggles which makes it easier to make decisions efficiently.

Task 2: Unlimited Liability -  A Sole Proprietorship does not separate the owner's assets and liabilities from the business meaning if the business goes bankrupt, the owner takes full responsibility for it.

Task 3: Sole Proprietorship, unlike Corporations, can not "go public," however SP's have to pay insurance and state tax to their own paychecks just like Partnerships because they're all considered self-employed.