Chapter 1, Problem S1.4SE

To determine

Sole proprietorship:

There are several forms of business organization like partnership, corporation, limited liability partnership, and sole proprietorships. Amongst all of the business organization forms, a sole proprietorship is the simplest form. Under a sole proprietorship, the business is owned and controlled by a single person.

To indicate:

The pros and cons of a ‘sole proprietorship’ form of business.