sole proprietorship

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Sole proprietorship

A business owned by a single individual. A sole proprietor pays no corporate income tax but has unlimited liability for business debts and obligations.

Sole Proprietorship

A business owned by a single person that is not a corporation, a limited liability company, or anything else. The sole proprietor who owns the proprietorship must list all profits and losses on his/her personal tax return and does not file a separate return for the business. Additionally, the proprietor is personally responsible for all losses and debts the business incurs. Some small businesses begin as sole proprietorships and then become something else. Other sole proprietorships are part-time businesses that their owners operate on the side.

sole proprietorship

a BUSINESS or firm which is owned and controlled by a single person. See PARTNERSHIP, JOINT-STOCK COMPANY, LIMITED LIABILITY.

sole proprietorship

Ownership of a business by an individual rather than a partnership, corporation,or limited liability company.

References in periodicals archive ?
Perfect for sole traders, online trainers and studios.
The main one was the ability to crystallise the value of your sole trader business on transferring it to the company paying ten per cent capital gains tax on that value but then being able to draw the funds from the company without further tax.
The report found 36 per cent of female sole traders and women running micro-businesses felt pressured to stay connected to technology all the time for fear of missing out on new opportunities or requests, compared to 26 per cent of men.
A sole trader needs to lodge an individual tax return including income from all sources.
Once again, we find it is sole traders and smaller firms which are facing the brunt of late payments and this is putting viable businesses at risk of closure.
Collective farms employees, sole traders of the district make their input in project with automotive engineering and equipment, fertilizers for ponds, dam repair and refrigerating equipment for fish.
The awards are designed to celebrate and recognise the very best entrepreneurs, small businesses and sole traders in Britain and strengthen Kalixa Pro's commitment to support the ambitions and growth of Britain's best small business talent.
For our sixth annual celebration of innovation we have extended the categories to seven, including the new Best Sole Trader gong.
But there is support in Parliament for non-multiple sole traders and family businesses running convenient local shops that are the focal point of community life.
From the sole trader to fleet operator, we understand customers' needs and ensure we get them - and their business - on the right road
New Aim Pty Ltd paid an infringement notice penalty of $10,200 and as a sole trader, Le Tian paid an infringement notice penalty of $2,040.
Whether you're a sole trader, freelancer, a small business stretching a modest marketing budget, or a sales person in a larger SMBs, time spent on online communities can definitely be a profitable investment.