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 ?
There exist noteworthy differences between small sole proprietors and larger firms in their sources of fees and--more importantly, from a strategic planning perspective--the relative importance of different services changes as firms grow.
Cingoranelli said many sole proprietors simply can't find the time to think about the future.
A sole proprietor must keep records for business income and expenses separate from records for personal income and expenses.
I highly recommend this book to both men and women, especially entrepreneurs who plan to operate as sole proprietors or as one-member LLCs.
While the workers' comp laws are beneficial to employees since they provide medical benefits and disability income payments if employees are injured on the job, the premiums for workers' compensation insurance in the construction industry have become so high that many sole proprietors are unable to pay them.
Tens of thousands of sole proprietors in the New York City metro area are uninsured because health insurance options in the past have been cost prohibitive or inaccessible," says Vince Ashton, Executive Director, HealthPass.
The sole proprietorship is an establishment owned by a sole proprietor to operate an economic activity (commercial, professional, industrial, agricultural or real estate).
Several of these problems are related to sole proprietors filing Schedule C (www.
Today, Rojas is the sole proprietor of Interiors By Design, which provides interior and exterior design as well as accessories.
My clients tend to be small companies, so I honestly don't know if my having this new credential would be attractive to them," says Rodney Harano, a sole proprietor in Hawaii who offers a wide range of audit, tax and consulting services.
In December 1996, the state's Department of Insurance began receiving the first of 50 complaints against Wong, after customers began filing claims and the sole proprietor refused to pay them.
For a sole proprietor, these record-keeping costs will represent a greater proportion of the tax savings than they will for larger businesses.