A role of ownership forms in the development of the economy is the Sole Proprietorship, which can be defined as a company without government regulation, formed by only one owner who pays a tax on his profits and is responsible for his earnings and debts.
This is a form of ownership that helps in the development of the economy due to the fact that there is little bureaucracy to start or undo the business, which encourages entrepreneurship and the creation of small businesses, which can be innovative and creative for the development of the economy.
Therefore, Sole Proprietorship is one of the forms of ownership that aid economic development by generating innovative businesses that can grow and become other forms of property, such as LLC or LLP, which have a greater chance of investment and easier credit.
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