With this type of business organization, you are the sole owner, and fully responsible for all debts and obligations related to your business. All profits are yours to keep. Because you are personally liable, a creditor can make a claim against your personal assets as well as your business assets in order to satisfy any debts.
Advantages:
Easy and inexpensive to register
Regulatory burden is generally light
You have direct control of decision making
Minimal working capital required for start-up
Some tax advantages if your business is not doing well (for example, deducting your losses from your personal income, and a lower tax bracket when profits are low)
All profits go to you directly
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