What are the major advantages and disadvantages of sole proprietorship?

The major advantages of a sole proprietorship include full control over decision-making and profits, as well as simpler tax reporting since business income is reported on the owner's personal tax return. However, disadvantages include unlimited personal liability for business debts and obligations, which can put personal assets at risk, and challenges in raising capital or obtaining financing, as lenders may view sole proprietorships as higher risk. Additionally, the business may struggle to survive if the owner becomes incapacitated or decides to exit.