What is Sole Proprietorship and its characteristics - Explained with Animated Examples

The business which is owned and managed by a single person is called as a sole proprietorship. In other words, it is a one-man army because the owner of this business is having overall control over all the activities. This type of business is having very less legal formalities as compared to other types of businesses (partnership,joint-stock companies) etc.
Definitions of Sole Proprietorship:
Sole trader business is a type of business unit one where one person is solely responsible for providing the capital, for bearing the risk and for the management of the business.
- J.L.Hansen
The sole proprietorship is the supreme judge of all matters pertaining to his business subject only to general laws of the land and to such special legislation as may affect his particular line of business.
- Kimball and Kimball
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