Write short answer of the following. State the features of Proprietorship.

The following are some of the important features of a proprietorship:
i. Easy formation and closure: A proprietorship requires no legal formalities for its formation and closure. Thus, it is easy to start up a sole proprietorship business.
ii. Unlimited liability: A sole proprietor has unlimited liability. This implies that the personal assets of the proprietor can be used if the business assets fail to pay off the debts.
iii. Secrecy: A sole proprietorship is not required to publish its accounts. This enables the proprietor to maintain complete secrecy regarding the business.
iv. Suitability: A sole proprietorship model is suitable for businesses that require modest capital, personal attention and limited managerial skills.
v. Single ownership: A sole proprietorship is owned by an individual. As the sole owner of the business, he/she is solely responsible for all the decisions made and the consequences thereafter.
vi. Risk bearing: A sole proprietor is the sole bearer of all the risks associated with the business. He/she is also the single recipient of all profits and losses earned by the business.