A sole proprietorship business is a business enterprise owned and run by one man.

Some major features of a sole proprietorship are that it is simple to set up and operate, has a sole owner who does not need to share the profits, has unlimited liability, and minimal formalities.

By unlimited liability, we mean that in the event of the business folding up, the sole proprietor will be required to settle all business debts, even if it means using his personal assets and properties to settle creditors.