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A sole proprietorship allows for complete control of the business, meaning you make all decisions without needing approval from partners or shareholders. It requires minimal legal formalities, often leading to lower startup costs. Liability is another important aspect, as you are personally responsible for all business debts. Lastly, the business profits are taxed as personal income, simplifying financial management. These features form a critical part of your SOLE PROPRIETOR CHECKLIST FOR DOCUMENTS NEEDED.
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