Sole trading concern

Form of business organisation Oc-2 Q- Merits of Sole trading concern. Answer:- Introduction:- It is that concern which is owner, manager, controlled and invested by a single person. Hence, it is called sole proprietorship or individual by a single person. Hence, it is also proprietorship or individual proprietorship. Meaning:-  sole means  single  and proprietor means  seller  therefore,sole trading concern refers to private form of organization owned and manage by an single seller. Definition:-   According to prof. James L. Lundy  "The sole proprietorship is an informal type of business owned by one person " 1.Easy to start and dissolve: A sole proprietorship can be setup easily and quickly. No legal formalities and expenditures are involved in the establishment of a proprietorship. There is no need to associate others or to enter any agreement. Only a license may be needed in special cases. ...

Form of business organisation Oc-1 Q-features of Sole trading concern. Answer:- Introduction:- It is that concern which is owner, manager, controlled and invested by a single person. Hence, it is called sole proprietorship or individual by a single person. Hence, it is also proprietorship or individual proprietorship. Meaning:- sole means single  and proprietor means seller  therefore,sole trading concern refers to private form of organization owned and manage by an single seller. Definition:-   According to prof. James L. Lundy  "The sole proprietorship is an informal type of business owned by one person " Features:- 1. Single ownership: The sole trader is a single owner of the organization. The sole trader owns all the assets and property of the business. The sole trading concern is often referred (said) as “one man show” 2. Unlimited liability: The liability of the sole trader is unlimited. This means...