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Sole Proprietorship

The sole tradership or proprietorship is the oldest form of business organization. It came into existence when exchange began. It is also known as individual proprietorship or single entrepreneurship. This type o organization has not lost its utility even today. It can be stared by anyone having initiative and aptitude for selling. it can started even with a small amount of capital. It can satisfy the ego need of a person who does not want to act under any other person in employment, but wants to have an independent way of life.

Definition of sole Proprietorship

C.S. Gerstenberg and defined sole tradership as that form of business organization which is started and run by one person who bears profits and loss of it. In the words of James Stephenson, “A sole trader is a person who carries on business exclusively by or for himself.”

Any person who carries on a business exclusively on his own account and at his own risk is known as a sole trader. The sole trader manages the business himself. bears all risks alone and gets all profits by virtue of the nature of this form of organization. He has almost unlimited freedom of action to run his business. He may choose the run any line of business without going through the legal formalities excepting those in which licenses may be required form the Health Department, the Municipal Authority, or some other body. The individual may run the business along with the help of his own skills and intelligence or may employ a few employees for that purpose. it is the simplest and the oldest form of organization.

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