From the reference of the textbook, it has been found that sole proprietorships are the most popular types of business ownership in the marketplace. Nearly 72% of business is associated with sole proprietorships due to many (Gitman, McDaniel, Shah, Reece, Koffel, Talsma & Hyatt, 2018). It is a form of business enterprise that is established, financed, owned, and operated by a single individual. No kind of business partner is engaged with the owner which makes it easy to regulate the business activities. This prevents the owner from any kind of legal dispute or distinction with other business entities. In the following study, some major reasons for its popularity have been illustrated below.