A sole proprietorship is a form of business organization in which an individual is fully and personally liable for all the obligations
(including debts) of the business, is entitled to all of its profits, and exercises complete managerial control. The great advantage of operating a new business as a sole proprietorship is that it is simple and does not require any formal action to establish. You can
start your business today as a sole proprietorship. There is no need to wait for an attorney to draft and file documents or for the
government to approve them. As a sole proprietor, you are the sole owner of your business.