For more information about filing a fictitious name see the section on Fictitious Name, Incorporating, and Partnership Agreements . Low cost to organize. Easy to form, minimal legal requirements and least regulated. Owner has direct control of decision-making process. Owner is allowed to deduct business losses against income from other sources.
Owner receives all profits earned in the business.
Easy to dissolve. Owner has unlimited liability. Business has limited life. Death or disability of the owner will jeopardize, or even terminate, the business. Ability to borrow money is limited to what the owner can secure personally.