sole proprietorship

(redirected from Sole traders)
Also found in: Legal.

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 ?
It now has a membership of 20, and gives each of them the opportunity to communicate with one other and to exhibit with other sole traders in the professions of jewellery and metalsmithing.
Q I AM a sole trader and in my 50s and am thinking of retiring and moving abroad.
"Many sole traders are great at what they do - but not brilliant when it comes to handling day to day paperwork" said Lucy.
Clients include multinational organisations, councils, housing associations, private practices and smaller, local sole traders.
He added: "We are getting positive feedback from employers - especially the sole traders who take on apprentices.
Tesco has launched a new business credit card for the 2.5 million sole traders out there.
This means that a large amount of sole traders would be breaking the law and leaving their businesses not only open to possible fines of up to pounds 2,500 per day but also liable for compensation and legal fees if an employee is injured or becomes ill at work.
However, sole traders do not have it easy, with the burden of regulation falling disproportionately on them.
Sole traders in the UK could save pounds 12.8bn on their mortgages by offsetting them against balances in their business accounts.
This means that many small to medium-sized enterprises, which are set up as sole traders or partnerships, cannot claim this vital financial support.