A sole proprietorship company is the easiest way to start a business when there is little compliance compared to other company forms.
Secondly, the sole proprietor is the sole decision-maker of the business; therefore, there can be no conflict in the business decision-making.
The tax rate for sole proprietor company is much lower than a limited company tax rate.
There is a scarcity of government regulations tailored specifically for sole proprietors. However, it is essential for sole proprietors to maintain accurate records, file taxes and income from other sources.
In sole proprietorships, there is no legal distinction between owner and business, so the owner receives all profits. Taxes are paid once, with proprietors responsible for individual tax payments.
Establishing a sole proprietorship is typically easy and cost-effective. Proprietors have minimal paperwork, allowing for swift business authorization compared to other forms.
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