| There are many things to consider before venturing | | | | There are several advantages of sole proprietorship |
| out and starting a new business. One of the most | | | | and most are quite obvious. As the sole owner, you |
| important aspects is: who will be involved in the | | | | will have complete control over the business and also |
| business and to what capacity? There are three types | | | | reap all of the monetary gain of the business. The sole |
| of organization available to the new business and | | | | proprietorship is also the easiest business to start and |
| those are: sole proprietorship, partnership and | | | | the easiest business to close. Conversely, you are |
| corporations. There are advantages and | | | | incurring you have a limited source of funds and |
| disadvantages to each situation. | | | | unlimited liability. Regardless, the sole proprietorship |
| Sole proprietorship is the most prevalent of all business | | | | works well for most people who are starting up a new |
| organizations but has the smallest percentage of sales. | | | | business. |