As multilevel inverters are gaining increasing importance, newer topologies are being proposed to reduce part count for large number of levels in output voltage. A simplified five‐level inverter has been recently reported in the literature to reduce component count. The topology comprises of floating input DC sources connected in opposite polarities through power switches. The structure requires lesser active switches as compared with conventional cascaded H‐bridge topology with much reduced switching losses. Available literature present generalisation of the topology with symmetrical sources, but no investigations are made for equal load sharing and asymmetrical configurations. This study presents a comprehensive analysis of the aforementioned topology, referred to as cross‐connected sources‐based multilevel inverter (CCS‐MLI). The topology is analysed for both symmetric and asymmetric source configurations. Also, a new algorithm for asymmetric source configuration suitable for CCS‐MLI is proposed. A control scheme is also proposed for equal load sharing in five‐level topology. Investigations are made for possibility of equal load sharing in higher level structures and fundamental frequency switching of switches bearing higher voltage stresses. Various concepts are verified with simulations and experimental studies.