Choosing a form of ownership
Form of Ownership chosen: Sole Proprietorship
\begin{tabular}{|l|l|l|}
\hline
No & \begin{tabular}{l}
Factors determining the choice of your \\
ownership
\end{tabular} & Explanations of each factor \\
\hline
7.1. & Capital contribution: & Sole proprietorships usually require less capital to start. The owner provides the initial capital and has full control over the business.\ \\
\hline
7.2. & Liability of the business: & In sole proprietorships, the owner has unlimited liability, meaning personal assets are at risk if the business incurs debt or legal issues.\ \\
\hline
7.3. & Continuity: & Sole proprietorships do not have continuity beyond the life of the owner. The business ceases to exist if the owner dies or chooses to close the business.\ \\
\hline
7.4. & Taxation: & In sole proprietorships, business income is taxed as personal income. This simplifies the tax process since there are no separate corporate taxes.\ \\
\hline
\end{tabular}
