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Business strategy
Disadvantages of a sole proprietor
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[QUOTE="Richee84, post: 267390, member: 42448"] Sole proprietorship is the most common type of business we have. Sole proprietorship is common because it is very easy to form. Sole proprietorship has different kind of disadvantages that are discuss below; 1) Difficult to get finance; Because of the nature of the business, sole proprietorship has challenges in getting access to bigger capital or loan. The financial institutions are ready to partner with a limited liability company compare to a sole proprietorship. 2) Risk taker; In sole proprietorship, the owner takes the risk of the business alone. He bear all the losses that might happen to the business compare to other form of business where the risk is been share among partners. 3). Problem of continuity; Since sole proprietorship is a one man business it will be difficult to continue the business if anything happen to the owner of the business. Sole proprietorship is one man idea, it will be very hard to continue with his or her idea if the owner is death. Most time the idea of the business die with the owner of the business compare to other forms of business where there are other partners who can continue with the business even after the death of one of the partner. [/QUOTE]
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