A common form of ownership in developing countries is the sole proprietorship.
- A sole proprietorship is someone who owns a business and runs the business on his own. In this form of ownership, there's no legal distinction between the owner and the business. Example of sole proprietorship is a barber, a trader etc
- A sole proprietorship is easy to start, it ha fewer registration fees and it's a simplified business ownership. In developing countries, there are several business owners who are sole proprietors. They sell goods and provide services to the public.
Some of the disadvantages of the business ownership include:
- Limited capital
- Lack of continuity
- Management skills are limited.
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