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Sole Proprietorships

Sole Proprietorships. Chapter 8 – Section 1. The Role of Sole Proprietorships. A business organization is an establishment formed to carry one commercial enterprise. Examples: Companies and firms A sole proprietorships is a business owned and managed by a single individual.

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Sole Proprietorships

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  1. Sole Proprietorships Chapter 8 – Section 1

  2. The Role of Sole Proprietorships • A business organization is an establishment formed to carry one commercial enterprise. • Examples: Companies and firms • A sole proprietorships is a business owned and managed by a single individual. • 75% of all businesses are sole proprietorships • 6% account for the total US sales.

  3. Requirements to open a sole proprietorship: • Authorization : Sole proprietorships must obtain a business license • Site permit : Must have a certificate of occupancy to use another building for business • Name : IF an individual does not use their own name as the business name, they must register some other kind of business name

  4. Advantages & Disadvantages • Easy start – up • Few regulations • Sole receiver of profit • Full control • Easy to discontinue • Unlimited personal liability • Limited access to resources • Lack of permanence Advantages of sole proprietorships Disadvantages of sole proprietorships

  5. Quiz Define Sole proprietorships Describe in your own words how zoning laws are used, Give an example of a sole proprietorship State the advantages/disadvantages of sole proprietorships How are sole proprietorships important to the economy? Do you think sole proprietorships are helpful or harmful to the American economy? Why or why not?

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