Characteristics


A business organization that is unincorporated and has only one owner.


  • Business owned and run by one person
  • 1300050_preview.jpg
    He owns a small business by himself
    Tend to be rather small (you are your own boss)

Advantages


  • Ease of management
  • Keep profits, no one to share money with
  • No separate business taxes, counts as income
  • Psychological satisfaction of being your own boss

Disadvantages


  • Difficult to get starting money (capital)

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Advantages and disadvantages

  • Risk (unlimited liability)
  • Usually small therefore inefficient
  • Limited life

Summary:

A type of business which is owned and run by a single person.