"Sole proprietorship is a one-man show". Justify this statement for or against and give reason.

For the statement.

Yes, sole proprietorship is rightly called a "one-man show" for the following reasons:

1. Single Ownership — A sole proprietorship is wholly owned by one individual who supplies the total capital from their own wealth or borrowed funds.

2. One-Man Control — The proprietor alone takes all decisions pertaining to the business. They need not consult anyone, and ownership and management are vested in the same person.

3. No Profit Sharing — The sole proprietor alone is entitled to all the profits and losses of the business. They bear the complete risk, and there is nobody to share profits or losses.

4. Independent Control — The sole proprietor is the supreme judge of all matters pertaining to the business. They enjoy complete freedom of action and exercise control over all functions of the business.

5. No Separate Legal Entity — The business has no legal identity separate from that of the owner. The proprietor and the business are one and the same.

Hence, sole proprietorship truly is a one-man show.