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Question
Define Sole Trading Concern ?
Solution
Sole trading concern is popular not only in India, but also in foreign countries also.Sole trading concern is the oldest and simplest form of commercial organization having one owner. Sole means one person, so a sole trading concern is an organization where all the business activities are controlled and managed by one man. And he is also solely responsible for the all the debts and risk of the firm.
Definition: - “The sole proprietorship is an informal type of business owned by one person”. (Prof. James L. Lundy)
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Concept of Sole Proprietorship Or Sole Trader
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