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Business organisation refers to the way in which a business is structured and managed to carry out its activities effectively. The choice of business organisation depends on factors such as the nature of the business, capital requirements, liability, control, and the number of owners. There are several forms of business organisation, each with its own advantages and limitations. One of the simplest and most common forms is the sole proprietorship. In this type, a single individual owns, manages, and controls the business. The proprietor bears all profits and losses and enjoys full decision-making authority. This form is easy to establish, requires minimal legal formalities, and offers direct motivation to the owner. However, the major limitation is that the owner has unlimited liability, meaning _______ _________ __________ _________ ______.
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