(please help with good answer asap) Describe what a sole proprietorship is, and identify its advantages and disadvantages. Describe what a corporation is, and identify the advantages and disadvantages of the corporate structure.

Sole trader business structure (hope this helps)

Explanation:

A sole proprietorship (also known as a sole trader) is an enterprise owned and run by one person. It is the simplest and cheapest business structure. If you operate your business as a sole trader , you have full control and management of the business. You are legally responsible for all aspects of the business.

Advantages:

You are the boss (full control)

You keep all the profits

Low start up costs

Operating your business is simple

Easy to change your legal structure

Disadvantages:

Unlimited liability for debts

All the responsiblity for making day-to-day business decisions is yours

Not much time off, it can be hard to take holidays

Taxed as a single person

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