Write a brief description of the form of business ownership, advantages and disadvantages. The key characteristics of the form of ownership should be addressed by discussing six of the seven bullet points below. You will want to have the heading as the form of business ownership and then use the bulleted list below for the key characteristics.

Sole Proprietorship: * Liability- Liability in a Sole Proprietorship is incurred entirely by the proprietor. There is no shelter from the liabilities of the company for the individual, nor is there shelter on the part of the business from the liabilities of the proprietor. * Income Taxes- Income from the business is considered by the IRS as income for the proprietor. The IRS makes no distinction. * Longevity - At the moment the proprietor dies, the Sole Proprietorship ceases to exist. Assets of the company are considered the individual property of the proprietor for the purposes of the proprietor’s estate. * Control- Control of all aspects of the business is under the sole direction of the proprietor. There is complete control of the organization and its functions, as well as its liabilities by the business owner. * Profit Retention- All profits generated by the business are retained by the proprietor. * Location Regulated by state statute, moving a sole proprietorship is relatively easy. Should the proprietor decide to relocate, registration with the new department of state may be necessary, but the process should be of minimal effort. * Convenience or Burden- A sole proprietorship is the easiest way for an individual to enter into business, offering few administrative burdens when compared to other business types. Most of the activities related to the management of a sole proprietorship are similar, if not identical, to activities already familiar to individuals, such