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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.

sole proprietor

see FIRM.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
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The property used in the business operation and all income belongs to and is taxed to the individual proprietor. There is no separate legal or tax entity.
Your letter advocates an alternative interpretation of Section 604(a)(3)(A), concluding that "the FCRA would permit a lender to obtain a consumer report in connection with a business credit transaction where the consumer in question is or will be personally liable on the loan, such as in the case of an individual proprietor, co-signer, or guarantor." [1]
In general, the circumstances for which the methodology in this paper is appropriate are situations where a business is lost, but the individual proprietor remains unharmed, i.e., the individual's human capital, embodying skills and experience, remains intact.
The due date for the election would be April 30, 1996 for the individual proprietor of the unincorporated business, or 90 days after the fiscal year-end for an estate or testamentary trust.
For example, in the extreme, if the business has a 12-moth fiscal period ending January 2 of the following year, virtually all of its business income earned this year will only be reported next year in the hands of the individual proprietor.
Person associated with a public accounting firm: Any individual proprietor, partner, shareholder, principal, accountant or other professional employee of a public accounting firm (or a registered public accounting firm), or any other independent contractor or entity that, in connection with preparing or issuing any audit report, shares in the profits of, or receives compensation in any other form from, that firm, or participates as an agent or otherwise on behalf of such firm in any of its activities (SOA Section 2(a)(9)(A)).
Two individual proprietors were also charged for violation of Section 237 of the National Internal Revenue Code (NIRC) of 1997, as amended, penalized under Section 264 of the Tax Code.
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This Act provides for the division of buildings into units to be owned by individual proprietors and for the common property to be owned collectively.

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