Which of the following is not an advantage of operating a business as a sole proprietorship?

Operating a business as a sole proprietorship does indeed present several advantages, but one significant drawback is the lack of limited risks. In a sole proprietorship, the owner has unlimited liability, which means that personal assets can be at risk if the business incurs debts or legal issues. This is unlike corporations or limited liability companies (LLCs), for instance, where the owners’ personal assets are generally protected.

The other options highlight key benefits of a sole proprietorship. The owner being the boss allows for complete control over business decisions, which is a major advantage for those who prefer to operate independently. The freedom to make business decisions means that the owner can implement changes quickly without needing to consult with partners or shareholders, allowing for a more agile business approach. Additionally, the ease of starting a sole proprietorship typically involves fewer formalities and lower costs compared to other business structures, making it accessible for many entrepreneurs. Choosing to operate as a sole proprietorship is often appealing due to these factors, but it's essential to recognize the associated risks regarding personal liability as a major consideration.