{"id":4410,"date":"2019-02-15T10:36:37","date_gmt":"2019-02-15T05:06:37","guid":{"rendered":"http:\/\/astan.lk\/al_virtualclassroom\/?p=4410"},"modified":"2019-02-16T11:24:49","modified_gmt":"2019-02-16T05:54:49","slug":"sole-proprietorships","status":"publish","type":"post","link":"https:\/\/astan.lk\/al_virtualclassroom\/sole-proprietorships\/","title":{"rendered":"Sole proprietorships"},"content":{"rendered":"

When a person owns a business organization, it is known as a sole proprietorship
\nThe following characteristics can be seen in sole proprietorship<\/strong>.
\n\u2022 Management decisions are taken by the owner.
\n\u2022 Unlimited liability.
\n\u2022 No continuous existence.
\n\u2022 Registration is not compulsory.
\n\u2022 Profits and losses are borne by the owner.
\n\u2022 Risk is borne by the owner.
\n\u2022 No going concern.
\n\u2022 Accounting is not compulsory.
\n\u2022 Taxes are not paid in the name of the business, but taxes on the business income
\nshould be paid by the owners under their private name.
\nSeveral advantages of sole trader businesses are given below.<\/strong>
\n\u2022 Can be started easily.
\n\u2022 All profits can be enjoyed by the owner.
\n\u2022 Decisions can be taken independently.
\n\u2022 Few rules and regulations.
\n\u2022 Confidentiality of business information.
\n\u2022 Can wind up easily.
\n\u2022 Several disadvantages of sole trader businesses are given below.
\n\u2022 Unlimited liability.
\n\u2022 Difficulties in raising capital.
\n\u2022 Incorrect decisions can be taken.
\n\u2022 No guarantee of continuous existence<\/p>\n

Sole trader businesses should be registered at the divisional secretarial under the<\/em>
\nBusiness Names Ordinance No. 6 of 1918, if it is carried out in an other name other than the<\/em>
\nowners name.<\/em>
\nThe following procedure has to be followed when they are registered.<\/strong>
\n\u2022 Obtaining the application form, from the divisional secretary\u2019s office where the business is
\ngoing to be located.
\n\u2022 The application form used to register a name of a sole trader business.
\n\u2022 The report of the \u201cGrama Niladari\u201d required for the registration of a business name.
\n\u2022 Submitting the Grama Niladari report and the completed application form to the
\ndivisional secretary with the registration fees.
\n\u2022 Issuing of certificate of business name registration by the divisional secretary, taking the
\nabove facts into consideration.<\/p>\n","protected":false},"excerpt":{"rendered":"

When a person owns a business organization, it is known as a sole proprietorship The following characteristics can be seen in sole proprietorship. \u2022 Management decisions are taken by the owner. \u2022 Unlimited liability. \u2022 No continuous existence. \u2022 Registration is not compulsory. \u2022 Profits and losses are borne by the owner. \u2022 Risk is […]<\/p>\n","protected":false},"author":842,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[10,86],"tags":[],"class_list":["post-4410","post","type-post","status-publish","format-standard","hentry","category-business-studies","category-unit-5"],"acf":[],"yoast_head":"\nSole proprietorships - Learning & Education Portal<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/astan.lk\/al_virtualclassroom\/sole-proprietorships\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sole proprietorships - 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