What are the main features of sole proprietorship?

A sole proprietorship is a business structure owned and operated by a single individual, allowing for complete control over decision-making and operations. It is characterized by its simplicity and ease of formation, often requiring minimal regulatory compliance and paperwork. The owner assumes unlimited personal liability for the business's debts and obligations, meaning personal assets are at risk. Additionally, profits are taxed as personal income, streamlining the tax process for the owner.