An entrepreneur can start business by registering a Sole Proprietorship which provides the firm with trading name. A Sole Proprietorship is solely owned and managed by a single entrepreneur. In comparison with other business vehicles, it is easy to establish, control, dissolve and there is room for prompt and flexible decision making as well. However, Sole Proprietorships do not have a separate corporate personality and the liability of the proprietor is unlimited. Further, it requires periodic renewal and is restricted from issuing any corporate guarantees.
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