Sole Proprietorship (Sole Trader):

The sole proprietorship or sole trader is a business organization owned and controlled by one person. It is often referred to as "one-man business". It is the most numerous or commonest form of business organization in West Africa. Examples are the shoemakers, hairdressers, various drinking spots, peasant farmers, doctors who operate their own clinics, etc.

(a) Features

i. It is the simplest form of business organization

ii. It is owned and controlled by one person meaning one person, the owner, raises the capital, takes every decision and bears all the risk involved in the business alone.

iii. One person, the owner, takes all profits or bears all losses that the business might yield.

iv. This type of business usually employs only a handful of paid persons or relatives for assistance.