What is sole proprietor type of business

A sole proprietor is the type of business which is own and run by one person who is the manager and boss of that established enterprise's.

A sole proprietor is the one who takes profits and losses which the business has made.He/she controls on how profits are to be used within the business organization's and he/she suffers by himself/herself when losses are made.

A sole proprietor has limited liabilities as he/she is the one who pays all debt arising from the business.Incase he/she fails to pay the debt then his/her assets are taken to act as payment for the debt.

A sole proprietor also has challenges accessing bank loans as most of them don't either have sufficient security or guarantor to enable them access the loans.

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