1.

A sole proprietor does not pay any special start-up fees or taxes, but there are
minimum capital requirements. If the enterprise does not succeed, or the owner
decides to enter another line of business, the firm can be closed as easily as it was
opened. Creditors must be paid, of course. But the owner does not have to go
through any legal procedure before hanging up an "Out of Business" sign.

2.

Advantages of Proprietorship

 A sole proprietorship business does not have any specific registration

requirements and the proprietor’s legal identity is used by the business.
Hence, a proprietorship can be started without any registration.
 The owner derives the maximum incentive from the business. He does not
have to share any of his profits. So the work he puts into the business is
completely reciprocated in incentives. 

Disadvantages of Proprietorship

 On the occurrence of a loss, the proprietor must meet the liabilities at any
cost, which implies that if the need occurs, his/her personal assets may have
to be used for discharging the liabilities.
 A sole proprietor cannot indulge in sale of business interest or shares, which
deprives the entity from the receipt of any type of equity funding.

In conclusion, I can say a sole proprietorship means a business managed and

owned by a single man called the sole proprietor, or otherwise simply put in as
“one-man business organization”

3.

In my opinion, with these words, Goldman means that a successful business can
be owned by a real owner. So he emphasizes this balance between "really
owner" and "business."