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 ?
Will Silsby, a director at Rabjohns, warned that, although attention has been focused on the effects of the regime for shareholders, the impact for partners and sole traders could be more far-reaching.
Sole traders or partners, whose business has ceased within the last three years, selling assets formerly used in that business
In 2002 he offered incentives to sole traders to incorporate and become limited companies but now he has changed his mind and that incentive is now being gradually eroded.
When I started out, I was an apprentice with a sole trader who gave me an excellent training.
You should also be aware that raising finance as a sole trader can be quite difficult.
The council's enterprise development officer, Adrian Beadnell, said that if someonewants to become a sole trader, "this is the course for them.
Apart from sole trader status, most small businesses set up as limited companies.
The main thing that hits them when they leave to start their own business is the isolation of working as a sole trader.
The sale provides an ideal opportunity for a sole trader or partnership to acquire a well established and flourishing business.
I've never been disqualified as a sole trader and I am not bankrupt.
I was absolutely amazed when I P approached me," said Ms Smith, who has been operating as a sole trader in Birmingham since 2001.
This "leading" broker is in fact a sole trader, operating from a house in Eltham, South London.