What is one advantage of a sole proprietorship?

One significant advantage of a sole proprietorship is minimal legal restrictions. This type of business structure generally has fewer regulatory requirements compared to other business forms, such as corporations or limited liability companies. This means that the owner can operate the business with a greater degree of freedom and flexibility, without having to worry about extensive reporting, fees, or compliance with corporate governance standards.

This simplicity allows the owner to make swift decisions, maintain control over operations, and avoid the complexities and expenses of formalities required by more regulated entities. These characteristics make sole proprietorships appealing, especially for small business owners and startups looking to avoid a cumbersome bureaucratic process.