Forms of Business Organisation Sole Proprietorship

The organization that is established by an indevidual this type of orgnation  is called sole propritership. 
* Characteristics of sole propritership.
1. It is a single ownership orgnation. 
2. It gets all profit or loss of the orgnation. 
3. It possess unlimited liability.
4. It follows less legal formalities. 
5. It has no separate identity from owner. 
6. It is related to the owner. 
* Merit-
1.Its formation is very easy.
2. Its decision is very fast.
3. Its maintain the secracy of firm.
4. It keeps full control of firm.
5. Owner keeps full control of firm.
6. It does not submit financial document to government. 
* Demerit- There are many demerits sole propritorship also possess . These demerits are as below. 
1. It has short life.
2 It has limited resourse.
3. It has less managerial skill

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