It possess the following charactersitics:
(i) Single ownerful: It is run by single individual who owns and controls all assets of the properties of the business and bears all risks.
(ii) Individual Capital Contribution: Capital is arrangedby sole proprietor himself either from personal resonrces or through borrowing .
(iii) Individual Managementand Contorl: All business decisions are taken by sole prorietor himself.
(iv) No Sharing of Profiit and Loss: Entire profit arising out of business is enjoyed by sole proprietor himship.Similarly ,he himship has to bear all the business losses.
(v) Unlimited liability: In case of any loss ,sole proprietor's personal property can be used to pay off all the liabilities.
-Answered by Jyoti Srivastva On 23 August 2020:01:30:30 PM