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You trade under your own name, with no separation of assets and liabilities.This means that you’ll be held personally liable for any debts that the business incurs.
It may incorporate the development of manuals of operation, procedure, policy, and/or organization.
Ultimately, the objective is to maintain or improve productivity, maximize internal control of resources, and enhance relationships (internally and/or externally).
I provided definitions based on my experience, not textbook interpretations.
A sole proprietorship is a business that is owned and operated by a natural person (individual). – SARSTypical sole traders include the man-in-a-van type of occupation such as a plumber or electrician.
For a small-business venture, it’s typically all that you need.
For a more complex business, you may need the longer version.
I have written only one strategic business plan in my life.
And I have read some books on the demise of the generalized document.
It incorporates the basic elements of market research, promotional strategies, operational requirements, and financial projections.
There are many variations and sub-categories of each element described above, but all are focused on addressing the undeniably important, overall components of operating a business enterprise.