Founding a sole proprietorship is easy and does not require any minimum capital.
One-man businesses usually engage in trade, manufacturing or commerce and have no legal personality. This legal structure is often chosen by young entrepreneurs wanting to establish a small business on their own. Anyone can start up a one-man business at any time and begin operations immediately. No dedicated seed capital is needed. However, the proprietor is liable for debts incurring from the one-man business with his personal assets.
A one-man business can easily be transformed into a limited liability company or a public limited company at a later point. It is the easiest legal structure to dissolve.
Main purpose of the sole enterprise: One-person businesses (painter business, hair dresser, artist, etc.)
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