Question

Describe what a sole proprietorship is, and identify its advantages and disadvantages. Describe what a corporation is, and identify the advantages and disadvantages of the corporate structure.
MAKE SURE TO INCLUDE EVERYTHING AND I WILL AWARD BRAILIEST!!

Please hurry 100 points!!

Answer 1

A sole proprietorship (also called a self-employed person) is a business that is owned and operated by one person. This is the simplest and cheapest business structure. By running your business as a freelancer, you can fully control and manage your business. You are legally responsible for all aspects of your business.

The company's advantages include personal liability protection, security and business continuity, and easier access to capital. The company's shortcomings include delay, double taxation, and the need to follow strict procedures and agreements.

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