Sole proprietorship is a basically a one person owned business. It is a form of business organization in which an individual invest his own resources, uses his own organizing abilities in management and decision making some small business start out as sole traders. Sole Traders sometimes are small or micro- enterprises which need little capital to start up and may therefore be easy to establish and operate.
Advantages
-Easier establish and manage than a company
-Decision making is speedy due to its solo nature
-Customers receive special attention due to economies of scale
-Profits are not shared but goes to the sole owner
Disadvantages
-Unlimited liability by the owner
-Problem in raising capital when needed sometimes due to scale of operation and capital outlay
-Sometimes limited managerial skills due to lack of team management
-Lack of competitiveness
-Lack of continuity when owner dies
-Long working hours due to economies of scale