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Types of Small Businesses: Advantages & DisadvantagesNameACC 561, University of PhoenixDateInstructorTypes of Small Businesses: Advantages & DisadvantagesSole ProprietorshipIt is a type of business in which the business contains it's no individual status. It's just like an activity of the owner and he is only liable in his personal capacity. In this type of business, there is no need to register the business as a limited company. In short, the owner and business are not separate from each other, if there is a debt on the business; it means that debt of the owner. There are several advantages and disadvantages of a sole proprietorship. Sole proprietorships are the most common and simplest form of business ever. In this type of the business, the owner (sole proprietor) has complete control on all types of matters arising in business whether they are managerial or financial. The transference of business to anyone, can be very easy in the sole proprietorship as compared to other types i.e. other types of business involves a lot of complexities and a large legal process. The maximum and most attractive benefit is that the corporation doesn`t involve the taxes which the other business types have to borne e.g. the company is liable to pay corporate taxes.While sole proprietorships have several advantages, there are also several disadvantages. This type of business always remains unable to become a big bang of business, as it has low amount of fund pooling as other types o

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