Principle of taxation when taxes should be fair and based on the ability to pay. This is often interpreted as progressive taxation, where higher earners pay a higher rate.

In a market economy, the profit motive is a key mechanism for allocating scarce resources and directing investment toward ventures that offer the highest returns.

In a free enterprise economic system the role of the government is typically limited to enforcing contracts, protecting property rights, ensuring fair competition, and providing certain public goods and services that the private sector may not adequately provide, such as national defense and infrastructure.

An economic system characterized by private ownership of resources and businesses, minimal government intervention, and competition among businesses.

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The process by which individuals and households use goods and services to satisfy their wants and needs.

In a free enterprise economic system consumers have a limited freedom to choose which goods and services to buy, and workers have a limited freedom to choose their occupations. 

Since the business is closely tied to the individual owner, transferring ownership of a sole proprietorship can be challenging. While the proprietor can sell the business assets or cease operations, the business itself cannot be sold or transferred as a separate entity.

Company's debts to suppliers, lenders, the tax authorities, etc.

One of the primary features of a corporation is that its owners (shareholders) have unlimited liability for the debts, obligations, and legal liabilities of the business. This means that shareholders are generally personally liable for the corporation's debts beyond their investment in the company.