sole proprietor


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Sole Proprietor

The one and only owner of an unincorporated business. That is, the business of a sole proprietor is not a corporation, a limited liability company, or anything else. The sole proprietor must list all profits and losses on his/her personal tax return and does not file a separate return for the business. Additionally, the sole 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 the owners operate on the side.

Sole proprietor.

A sole proprietor is the owner and operator of a business that isn't registered as either a corporation or a limited liability company.

As a sole proprietor, you are personally liable for all your business's debts and report any business profits or losses on your individual tax return.

sole proprietor

see FIRM.
References in periodicals archive ?
Cingoranelli said many sole proprietors simply can't find the time to think about the future.
Thus, the new state law has created a chain reaction that requires all sole proprietors in the construction industry to form a corporation or LLC in order to continue to be exempt from workers' comp.
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The new credential is not intended for every CPA, of course, and there is a certain segment of the AICPA membership, particularly among sole proprietors, who don't need it or don't want it.
Affiliated firms also can provide the sole proprietor with just-in-time consulting.
In addition, under 29 USC Section 1321(b)(9), ERISA Title IV does not apply to plans established and maintained exclusively for substantial owners, a category that includes sole proprietors, shareholders and partners.
As their business grew, Lawrence Hackett, now 80, turned the reins over to his son, who is now the sole proprietor.
LeEarl Bryant is sole proprietor of Texas LAB Consultants.
11/6/03, the taxpayer operated a law practice as a sole proprietor.
For Alexis Alexander, 40, the sole proprietor of the Blue Moon art gallery in Calabasas, that moment of truth came in the form of a car accident last month that left her in a coma for nearly two weeks.
Report concludes that 424,172 Sole Proprietor Small Biz Owners are 'Uncounted'
Carberry is the sole proprietor of an accounting and tax preparation business known as Citizens Accounting and Tax Service.