sole proprietorship

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Sole proprietorship

A business owned by a single individual. A sole proprietor pays no corporate income tax but has unlimited liability for business debts and obligations.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

Sole Proprietorship

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

sole proprietorship

a BUSINESS or firm which is owned and controlled by a single person. See PARTNERSHIP, JOINT-STOCK COMPANY, LIMITED LIABILITY.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson

sole proprietorship

Ownership of a business by an individual rather than a partnership, corporation,or limited liability company.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
Many of our sole proprietors and independent contractors want or need the freedom and flexibility of being self-employed to fit into their family life schedule while still maximizing their income.
(See Exhibit 5 for a comparison of the growth in importance of these core services by firm size.) The important thing to note for sole proprietors is that assurance services wow in importance at a faster rate than any other core service, but by virtue of their size, tax services are still responsible for more growth in total fees than any other service.
The firm is dropping health plans for sole proprietors, and is not to offer its InBalance EPO, ConsumerDirect EPO and HealthEssentials EPO to small businesses.
Among sole proprietors, most owners say they don't have a PCA in place to cover unforeseen events such as death or disability When sole proprietors with employees were asked what they were doing to develop future leaders, 52% answered "Nothing." However, many of those sole proprietors have one or two employees, and those employees may not he CPAs, leaving the owner without a potential successor within the firm to develop.
Business incubator which offers services including workshops, counseling, networking, office space and more to sole proprietors, entrepreneurs, startups and small businesses.
The legal form of choice for a new business is EOOD, which is a limited trade company run by a single person, followed by OOD (limited trade company) and sole proprietors.
Sole proprietors, who own unincorporated businesses by themselves, underreported their net income by 57 percent or $68 billion for 2001, according to the Internal Revenue Service's (IRS) most recent estimate.
A: While in theory sole proprietors are exempt from Longshore, they are no longer considered a sole proprietor "as soon as they work at the direction of another." This means that when working in or for a yard, the sole proprietor has the same coverage issues as all other businesses.
* Food vendors, from sole proprietors to established restaurants, can set up shop in the food areas of festivals.
Self-employed individuals such as freelance writers or photographers are automatically sole proprietors. Because there is no separate legal entity, sole proprietors are personally and fully liable for the debts and obligations of the business.
The website consists of three eligibility screeners: one for individuals, one for sole proprietors, and one for small employers.