Chapter 27: Sole Proprietorship and Partnership (online)
A sole proprietorship is a form of business that is owned and operated by one person. It is the most common kind of business and the easiest to start. However, there are some disadvantages to being a sole proprietor. Limited capital, unlimited liability, limited human resources, and limited lifetime make it difficult to succeed as a one-owner business. When two or more people combine their money, labor, and skills for the purpose of running a business, they create a general partnership. By studying this chapter, you will understand the nature of sole proprietorships and partnerships. Just think, you may own a business one day and you will need to be prepared.
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