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Sole Proprietorship

Sole proprietorship is the simplest and most common form of ownership for small business. A sole proprietorship is owned by one person. The owner decides what products to sell or what services to provide, how much to charge, when the business will be open etc. If you choose this option nothing legally separates you and your personal finances from those of your enterprise and your business is taxed through the personal income tax you pay. There is no limit to the amount of profit your business could make and the owner also has unlimited liability.This means that the owner is responsible or liable for all debts or losses that the business owes. If the business owes more than it owns, the owner may have to sell personal property ( for example a car or house ) to pay the debts of the business. If the business earns a profit, the owner gets to keep everything that is left over after income taxes and other expenses have been paid. There are both advantages and disadvantages to a sole proprietorship.

ADVANTAGES

Low start-up costs.
Greatest personal freedom and totally on your own. No one can tell you what decisions to make or how to run your business.
You receive all the profits and that could increase your motivation.
Ability to change business direction or practices very quickly.
Few legal restrictions.
Easy of starting or discontinuing business.
Losses incurred during your first few years can be claimed to reduce taxes on other sources of your personal income.
You don't have to share the business secrets with anyone.

DISADVANTAGES

Totally on your own, no one to give you new ideas or help you with certain decisions, except your chosen advisors.
You are the only liable if your business fails.
It is harder to borrow money because there's no partner to share the debt load.
No one can easily take your place if something happened, and no one have the same commitment to your company as you do.
Long hours of work.
When your business becomes more profitable and generate more income than you currently require you will be taxed at higher personal tax rates.

RELATED INFO

Buying An Established Businesss
Buying A Franchise
Market Research
Your Product Or Service
Your Customers
Your Competition
Getting A Financial Picture
Business Guide

RECOMMENDED  LITERATURE

How Customers Think: Essential Insights into the Mind of the Market - Building on research from disciplines as diverse as neurology, sociology, literary analysis, and cognitive science, Zaltman offers rich insights into what happens within the complex system of mind, brain, body, and society as consumers contemplate their needs and evaluate products. Zaltman illustrates how leading companies are "mining the unconscious" - with remarkable results, and introduces innovative tools & techniques that help marketers:
* Develop research questions that speak to the unconscious brain.
* Evoke valuable meaning through a customer's metaphors and instill those images in brand communications.
* Measure consumer reactions to marketing stimuli and alter advertising or positioning strategies accordingly.
* Build "consensus maps" that reflect a market segment's universal thinking-and reengineer them to boost customer satisfaction, loyalty, and sales.
* Understand how their own minds work-and how they can think in creative new ways. The mind of the market is waiting to be explored. Make sure your competitors don't get there first.

Tested Advertising Methods - A legend in advertising for more than 60 years, John Caples still serves as a guide to generations of creative marketing people. Now his classic work on how to create successful advertising has been updated by respected advertising consultant Fred Hahn. It retains all the clarity, candid analysis, time-tested experience and invaluable award-winning ideas from the original, while bringing it right up-to-the-minute on the many new changes in the field.

 
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