Intro to Business › Section D · Forms of business ownership › Topic D.1
Sole proprietorships
Most businesses in the United States belong to one person who simply starts selling. That form, the sole proprietorship, is the easiest way to begin, but the owner carries every risk personally.
In this topic
- Why the form of ownership matters
- What a sole proprietorship is
- Advantages of going it alone
- The big drawback: unlimited liability
- Worked example: when the business fails
- Other disadvantages
- Worked example: profit versus withdrawals
- When the form fits, and when it stops fitting
- Common mistakes to avoid
- Key takeaways
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