Simple to create
One of the most attractive features of a proprietorship is how fast and simple it is to begin. If an entrepreneur wants to operate a business under his / her own name he/she simple obtain necessary licenses from state, country, and local governments and begins operation. For most entrepreneurs it would not be impossible to start a proprietorship in a single day.
Least Costly form of ownership to begin
The proprietorship is generally the least expensive form of ownership to establish. There is no need to create and file legal documents that are recommended form partnerships and required for corporations.
Profit incentive
One major advantage of the proprietorship is that once the owner pays all the business’s expenses, he/she can keep the remaining profits. The profit incentive is a powerful one, and profits represent an excellent way of keeping score in the game of business.
Total decision making authority
Because the sole proprietor is in total control of operations, he/she can respond quickly to changes, which is an asset in a rapidly shifting market. The freedom to set the business’s course of action is a major motivational force. For those who thrive on the enjoyment of seeking new opportunities in business, the freedom of fast, flexible decision making is vital. Many sole proprietors simply thrive on the feeling of control they have over their personal financial future and the recognition they earn as the ‘owner’ of the business.
No special legal restrictions.
The proprietorship's is the least regulated of business ownership.
Easy to discontinue
If the entrepreneur decides to discontinue operations, he/she can terminate the business quickly, even though he/she will still be personally liable for any outstanding debts and obligations that the business cannot pay.
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