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Drawbacks to the sole proprietorship business form

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Consider a typical small business, such as a computer repair business, which is typically set up as a sole proprietorship. There are a few of the advantages of starting a business as a sole proprietorship. They are easy and inexpensive to set up and sole decision-making/control over the business. In addition, sole proprietorships have few formal business governance requirements when compared to other forms, such as corporations, that have many requirements. Aside from personal liability, are there other drawbacks to the sole proprietorship business form?

Reference no: EM132343531

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