Difference between revisions of "Introduction to entrepreneurship/IENT102/Legalities/Sole"

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[[File:Female fitness coach.jpg|thumb|300px|right|Female fitness coach]]
 
[[File:Female fitness coach.jpg|thumb|300px|right|Female fitness coach]]
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A '''Sole Proprietorship''' is a type of business entity that is owned and run by one person. Legally there is no distinction between the owner and the business. The owner has control over all parts of the business and is personally legally liable for any debts, loans, losses, etc., but also receives all the profits.
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A '''business that is owned and run by one person''' is generally called a '''sole proprietorship'''.
  
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A sole proprietor may use a trade name or business name other than her/his name.  
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Read the section on sole proprietorship in [[media:Business ownership comparison.pdf|Forms of Business Ownership]] <ref>[http://oasis.col.org/handle/11599/2467 VUSSL: The Business Environment]</ref> to find out more about this form of business ownership and its pros and cons. You may find it helpful to complete the exercises at the end of the reading.
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It is the most common form of business.
 
  
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'''WEnote'''
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{{IDevice
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|theme=Line
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|type=Activity
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|title=Research activity
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|body=
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Search on the internet (or through a local business support agency) to find out:
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* What terminology is used in your country for a business that is owned and run by one person
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* What the main features are of this sort of business entity in your country
  
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A sole proprietorship is known by different names in different countries.
 
  
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Do a web search and post any alternative names you find by posting a WEnote below:
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Thinking about your business idea and the factors that you thought were important in choosing a business ownership model, identify:
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* ''Other names for sole proprietor include ..... in [country]''
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* Two advantages of using this form of business ownership for your start-up business
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* Two disadvantages of using this form of business ownership for your start-up business
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{{:Introduction_to_entrepreneurship/Links/IENT101/WEnote-p}}
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In your learning journal, make notes on what you have found out and where you found it (urls etc.), so that you can refer to it again. You will use this information for the learning challenge.  
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Remember to tag or label your post using the course code: {{:Introduction_to_entrepreneurship/Links/IENT102/Tag}} (This is needed to harvest a link to your blog post in the course feed.)
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}}
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<references/>

Latest revision as of 00:28, 19 November 2018

Female fitness coach

A business that is owned and run by one person is generally called a sole proprietorship.

Read the section on sole proprietorship in Forms of Business Ownership [1] to find out more about this form of business ownership and its pros and cons. You may find it helpful to complete the exercises at the end of the reading.


Icon activity line.svg
Research activity

Search on the internet (or through a local business support agency) to find out:

  • What terminology is used in your country for a business that is owned and run by one person
  • What the main features are of this sort of business entity in your country


Thinking about your business idea and the factors that you thought were important in choosing a business ownership model, identify:

  • Two advantages of using this form of business ownership for your start-up business
  • Two disadvantages of using this form of business ownership for your start-up business


In your learning journal, make notes on what you have found out and where you found it (urls etc.), so that you can refer to it again. You will use this information for the learning challenge.

Remember to tag or label your post using the course code: IENT102 (This is needed to harvest a link to your blog post in the course feed.)



  1. ↑ VUSSL: The Business Environment
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