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 ?
The same is true for sole proprietorships, but they don't have the benefit of succession.
Dr Duwaib Hussain Saber, associate Professor of General Law at Assiut University in Egypt and Legal Consultant at Dr Tariq Al Busaidi Legal Consultancy, said to Times of Oman, "There were multiple changes made, including a new form of companies called sole proprietorships, as an exception to the rule that all companies must be formed with two companies or more." "These institutions existed as individual establishments, which under the new law will be eliminated and changed into sole proprietorships, where one person owns the company.
'I cannot say whether even in Pakistan laws and requirements for fillings of annual returns and tax returns are different for companies, partnership concerns and sole proprietorships,' he replied to Haris' question.
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 Ministry urged owners of sole proprietorships and commercial companies to cancel or renew their expired CRs as till March 31st, 2018 to ensure accuracy of their establishments data.
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.
They estimate that in 2011, if the share of pass-through tax returns had been at its 1980 level, when traditional C corporations and sole proprietorships dominated, the average rate would have been 3.8 percentage points higher and the Treasury would have collected $100 billion more in tax revenue.
For all sole proprietorships, receipts increased 2.8 percent, while deductions increased 1.4 percent.
For sole proprietorships the effect was insignificant.
Looking at types of businesses, there was a 2.5% fall in the number of sole proprietorships and partnerships between March 2011 and March 2012, while corporate businesses increased by 6.8%.
Most very small businesses are sole proprietorships, but neither the sole proprietorship nor the partnership offers personal financial or personal legal protection.
In October 2010, the number of new sole proprietorships established went up 19.23 percent when compared to the same month in 2009.