Q: What is a sole proprietorship?
A: A sole proprietorship is a business that is owned and operated by a single individual, with no legal separation between the owner and the business.
Q: What are the advantages of a sole proprietorship?
A: The main advantages of a sole proprietorship include simplicity, low cost, and complete control over the business.
Q: What are the disadvantages of a sole proprietorship?
A: The main disadvantages of a sole proprietorship include unlimited personal liability, difficulty raising capital, and the difficulty of transferring ownership.
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