List all the advantages and disadvantages of owning a Sole Proprietorship

There are several types of advantage as well as disadvantage s

Advantage:

It is very simple to organize, it can easily upgrade The process of tax filing is simple There is no doubt in taxation The complete control is in hand of one person

Disadvantage:

There is unlimited liability in one person There is 15.3% self-employment tax must be paid by owner on his earning Funding comes from only personal savings