A sole proprietorship is often a business venture that is owned by a single individual.  

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Pros

• Easy to form and maintain

• Complete control and flexibility

• The owner receives all the profits after tax

• Tax filing is simple

• No corporate formalities such as minutes, meetings, bylaws, etc. 

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Cons

• The owner is personally accountable for all of the business’s liabilities and debts

• General lack of continuity. Business longevity relies on the owner’s lifespan

• Requires the owner to perform most of the duties

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