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.

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.

sole proprietorship

a BUSINESS or firm which is owned and controlled by a single person. See PARTNERSHIP, JOINT-STOCK COMPANY, LIMITED LIABILITY.

sole proprietorship

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

References in periodicals archive ?
Some 2,437 sole proprietorships renewed 940 CRs and cancelled 1,497 CRs while 625 commercial companies renewed 614 CRs and cancelled 11 Crs.
The number of expired CRs as on December 31st, 2016 stood at 117,038 including 75864 sole proprietorships and 41174 commercial companies.
The case requires students to perform the work of a hypothetical tax professional who is helping a client determine the federal tax implications of converting her sole proprietorship to a single-owner S corporation.
The professional, scientific, and technical services sector reported the largest percentage of total profits of all non-farm sole proprietorships (25.
The number of sole proprietorships that went out of business in October 2010 went up 65.
Though the requirement to undergo peer review applies only to firms, the CBA does not maintain a listing of CPAs operating as sole proprietorships.
For tax purposes, a sole proprietorship is not a separate entity from the taxpayer.
Meeting the requirements of tax rules can be especially burdensome to small business sole proprietorships that independently own their businesses.
Entities considered will include sole proprietorships, LLCs and corporations, as well as single- and multi-teacher settings.
West Hollywood, for example, exempts all home-based sole proprietorships with no employees from business taxes, said David Hatcher, revenue manager for the city.
Depending on their firm's purpose or the way they conduct business--including how much liability they are willing to assume or the type of fringe benefits they plan to offer--CPAs can structure their financial planning practices as sole proprietorships, S corporations, C corporations or limited liability companies.
Half of the new businesses were sole proprietorships, a third were limited companies and the rest partnerships.