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 ?
For example, sole traders and partners of partnerships can make a Gift Aid declaration with their cash donations, which means the charity will receive an extra 25p for every PS1 donated.
| Limited company director - Limited companies are slightly more complicated than sole traders and require full company accounts to be drawn up by a qualified accountant.
Like a sole trader business, a general partnership is not a separate legal entity from the business and as such, the partners are jointly and severally liable for the business (in other words each partner could be held individually liable for the debt of the entire partnership (except for the other partners' personal tax liabilities).
Perfect for sole traders, online trainers and studios.
The report found 36 per cent of female sole traders and women running micro-businesses felt pressured to stay connected to technology all the time for fear of missing out on new opportunities or requests, compared to 26 per cent of men.
A sole trader needs to lodge an individual tax return including income from all sources.
If you run a business as a sole trader, in partnership or as a limited company, it is imperative to consider what might happen to the business if you become incapacitated by illness or injury.
Q I was thinking of converting my sole trader business into a company, but understand this may no longer be tax efficient.
But the venture only really took off when Ian, who previously ran the business as a sole trader, registered it as a limited company.
For our sixth annual celebration of innovation we have extended the categories to seven, including the new Best Sole Trader gong.
It occupies a whopping four acres and holds a range of vans to meet the business needs of everyone from the sole trader one-man, one-van operation to multi-fleet customers.