Sole Proprietorship — Chapter Summary
ICSE · Class 9 · Commercial Studies
Summary of Sole Proprietorship for ICSE Class 9 Commercial Studies. Part of the ICSE Class 9 Commercial Studies syllabus.
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Overview
Sole proprietorship is a one-man business owned, financed, and controlled by a single person called the proprietor. It is the simplest, oldest, and most natural form of business in the private sector. The proprietor alone manages the business, takes the decisions, receives the profits, and bears the
Key Concepts
A sole proprietorship is a business
A sole proprietorship is a business owned, financed, and controlled by a single person. The owner is called the proprietor and is fully responsible fo
The proprietor is the single owner
The proprietor is the single owner of the business. This person supplies capital, manages work, controls the business, and bears unlimited liability.
The whole business belongs to one
The whole business belongs to one individual. Capital may come from personal wealth or borrowed funds, but ownership remains with one person.
The proprietor alone takes all decisions
The proprietor alone takes all decisions. Even if helpers are employed, final control stays with the owner.
The business has no separate legal
The business has no separate legal identity from the owner. The owner and the business are treated as one, and the business ends if the owner dies or
Learning Objectives
- Define sole proprietorship
- State the main features of sole proprietorship
- Describe the merits of sole proprietorship
- Explain the demerits of sole proprietorship
Frequently Asked Questions
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Sources & Official References
Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.
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