Sole Trading Concern is easiest to form.
Justify the following statement:
Sole Trading Concern is easiest to form.
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1. Sole trading concern is owned by only one person.
2. A very Simple process is needed to start a sole trading concern.
3. There is no complicated legal formalities to start a sole trading concern, as in the case of joint stock company.
4. A licence from appropriate authority is needed.
5. Only the general law of the country has to be followed for starting business.
6. A person must be of sound mind, a major and must not be disqualified by any law to do business.
7. Thus, sole trading concern is the easiest form of organization to be started.
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