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1. Unlimited Liability Perhaps the most significant drawback of sole proprietorship is unlimited liability. Since there's no legal separation between the owner and the business, you're personally liable for all debts and legal obligations. In the event of lawsuits or bankruptcy, your personal assets are at risk. 2. Limited Access to Capital Sole proprietors often face challenges in accessing capital compared to larger corporations. Raising funds through traditional means like bank loans or venture capital can be challenging, as lenders may perceive sole proprietorships as riskier ventures. 3. Sole Responsibility Running a sole proprietorship can be overwhelming due to the sheer amount of responsibility resting on the owner's shoulders. From financial management to customer relations, you're solely accountable for the success or failure of the business. Visit Us :- https://www.registerkaro.in/sole-proprietorship-registration
Steps to Register a Sole Proprietorship || Registerkaro.in
