Money has turn out to be very important in the present day to dwell a comfortable life. A sole proprietorship just isn’t a separate organization and doesn’t have any formal requirements for formation. The person merely begins doing enterprise. Most sole proprietorships are small businesses, and initially their enterprise capital wants are small. Usually, the person gives the funds. In order to get financing, a sole proprietor takes private financial threat. The income of the enterprise is the income of the only real proprietor and is reported on the individual’s revenue tax return. The proprietor is the manager of the business. The business may be transferred provided that the owner permits it.