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 ?
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.
PCC said the joint venture also includes San Ramon Holdings, Inc., CVY Property Holdings, Inc., and individual proprietors such as Juan Miguel V.
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.
Each of these amazing structures remains in private ownership so it is vital that individual proprietors take steps to ensure that these beautiful examples of commercial heritage are cared for and remain in their best condition.
Presumably, the individuals who are to be responsible are businessmen, which means individual proprietors or corporate executives.
The chief strength of the chain is the personal service the individual proprietors can bring to their interaction with customers.
"Insurers that issue coverage to an association group must issue the same coverage to both groups and individual proprietors that purchase coverage through the association group," Seward said.
Newcastle Hackney Drivers' Association, Noda Taxis and several individual proprietors also made submissions opposing any increase.
They were founded by profit-seeking corporations or by individual proprietors such as William Penn.
Private registered homes are run by private organisations and individual proprietors.
Refunds from hotels and guesthouses are at the discretion of the individual proprietors.
The possible inconsistency between the atomistic desires of individual proprietors and the collective outcome of the labor market is a problem with most taste-based models of discrimination.

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