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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.
Ownership. Those who own their own business in their own personal name, without a corporation or partnership or other such business structure, is said to have a sole proprietorship.
An unincorporated business owned by one person. The business owner may have employees working for him or her.