Three advantages of owning a sole proprietorship

Unification of ownership and management.

Does not need to follow the generally accepted accounting principles $($GAAP$).$

Easy to organize.

Less government regulation.

No continuous life or transferability of ownership.

No income tax on net income.

The owner pays taxes on proprietorship's earnings since it is not a separate tax entity.

Unification of ownership and management.

Unlimited liability of owner.