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And you're the only owner so you have a sole proprietorship.
I'm excited to start my new business called J.R. Classic Vehicle Shop.
It's also easy and inexpensive to make!
Nearly 76 percent of all businesses in the U.S. are sole proprietorships.
And you have complete authority over all business activities.
I receive all the profit and I'm liable for the debts of this new business.
And all the debts of the business.
The biggest disadvantage of being the only owner is the financial part.
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