Title: Summarize the legal requirements and the advantages and disadvantages of a sole proprietorship.
Course: Business Law (12054-36) > Section: Analyzing Types of Business Organizations

Summary should include the following points:

- Owners do not have to meet any legal requirements for establishing a sole proprietorship; however, local governmental regulations may apply.
- Owners must comply with all applicable government rules and regulations
- Owners may withdraw funds from the company rather than taking a salary.
- Owner would be subject to unlimited liability for action.