Business Essay

3022 WordsSep 1, 201213 Pages
Southeast University Assignment on * Definition of: i. Sole Proprietorship ii. Partnership iii. Corporation *Discussion about the advantages & Disadvantages of each of them. Prepared for Dr. Afzalur Rahman Faculty: Department of Business administration Southeast University Prepared by 1. Amit Saha - - - - 2012010000172 - - - - ________________________ 2. Mizanur Rahman - - - - 2012010000160 - - - - ___________________ 3. Oponi Sutradhor - - - - 2012010000175 - - - - ____________________ 4. Abu Ubayed Bhuiyan - - - - 2012010000171 - - - - _________________ Sec: F, Batch 30th Semester: Spring Submission Date: 28/4/2012 Sole Proprietorship Definition of Sole Proprietorship: A sole proprietorship, also known as the sole trader or simply a proprietorship, is a type of business entity that is owned and run by one individual and in which there is no legal distinction between the owner and the business. The owner receives all profits (subject to taxation specific to the business) and has unlimited responsibility for all losses and debts. Every asset of the business is owned by the proprietor and all debts of the business are the proprietor's. This means that the owner has no less liability than if they were acting as an individual instead of as a business. It is a "sole" proprietorship in contrast with partnerships. * Definition by Glos & Baker: "A sole proprietorship is a business owned by one person who is entitled to all of its profits" * Definition by Reed & conover: "The single or the sole proprietorship is a business owned and controlled by one man even though he may have many other persons working for him" A sole proprietor may use a trade name or business name other than his or her legal name. In many jurisdictions there are rules to enable the true owner of a business name to be ascertained. Advantages of Sole

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