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 ?
Often sole traders are forced to use personal accounts because the process of setting up a business account is arduous, slow and expensive.
Unregistered enterprises are micro businesses which consist of only a sole trader or partners.
While limited companies can be placed in administration if they are unable to pay debts such as business rates, sole traders and self-employed business owners can ultimately face prison.
Sole trader - Sole traders are typically a one-man band, who are required to submit their tax returns to HM Revenue & Customs, often by self-assessment.
Paym, which commissioned research among 2,000 people from across the UK as well as hundreds of sole traders and small businesses, released the findings to encourage businesses to sign up to the mobile payments scheme.
Perfect for sole traders, online trainers and studios.
Although we might picture a sole trader as having to do everything in the business, and therefore finding little time to have a life, it seems the more staff an SME takes on, the more pressure the operator faces," adds Gardiner.
The mum-of-two and sole trader runs her business from home in Dunfermline, while looking after her daughters Jenna, 15, and Cara, 13.
The study of small business owners and sole traders, of which there are more than four and a half million in the UK, also showed the average insurance claim from a business-crime was pounds 2,500.
Sole traders are responsible for their own superannuation contributions.
The half-day workshops are aimed at employers, sole traders and those in partnerships and topics range from becoming a director, VAT and PAYE expenses and benefits.
The survey says that employment legislation, such as pension requirements, dismissal rules and sickness absence rules, deter sole traders from taking on their first employee.