Sole proprietorship is a form of business, which is financed, owned and managed by a sole trader, who bears all the risks of the business and enjoys all the profits arising therein.
Apart from various merits like profit, independent control, etc. Sole proprietorship form of business also has some social utility. As described earlier, it gives the proprietor a chance of self-employment and thus reduces the problem of unemployment to a certain extent. For the ones who feel it uncomfortable to work under other people, Sole proprietorship form of business can offer them honorable living. It also helps in equitable distribution of wealth.