Sole proprietorship
Okay kiddo, so let's talk about owning your own business. When you start a business all by yourself and you're the only one running it, that's called a sole proprietorship. It means you're the boss of everything and you make all the decisions.
Just like with toys, when you're the only one playing with them you get to decide what games to play, how long to play for and when to stop. Similarly as a sole proprietor, you're the only owner of the business and you get to decide how your business works, how much money it makes, and what to do with the money it makes.
But remember, this also means that you're responsible for everything that happens in your business, just like how you're responsible for your toys. So if anything goes wrong, you have to fix it all by yourself.
When you're a sole proprietor, it's easy to get started with your business. You don't need to file any special papers to make it legal, like how you don't need anyone's permission to play with your toys. It's just you and your business!
Just like with toys, when you're the only one playing with them you get to decide what games to play, how long to play for and when to stop. Similarly as a sole proprietor, you're the only owner of the business and you get to decide how your business works, how much money it makes, and what to do with the money it makes.
But remember, this also means that you're responsible for everything that happens in your business, just like how you're responsible for your toys. So if anything goes wrong, you have to fix it all by yourself.
When you're a sole proprietor, it's easy to get started with your business. You don't need to file any special papers to make it legal, like how you don't need anyone's permission to play with your toys. It's just you and your business!