Sole Proprietorship

A proprietorship is the simplest form of business enterprise. It is formed by an individual, and has no legal form apart from the individual. While a proprietorship does not have to be an owner operated business, it usually is. Examples of sole proprietorships are many family farms and small shops.

The major advantage of this business from is its simplicity. Disadvantages include the lack of a corporate shield, and the difficulty of managing a business, as it grows and becomes more complex, as a proprietorship.