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 ?
Paym, which commissioned research among 2,000 people from across the UK as well as hundreds of sole traders and small businesses, released the findings to encourage businesses to sign up to the mobile payments scheme.
Perfect for sole traders, online trainers and studios.
Small businesses, charities, social enterprises and sole traders in these cities will be able to apply for grants of up to Au3,000 each to cover the costs of installing faster and better broadband.
The mum-of-two and sole trader runs her business from home in Dunfermline, while looking after her daughters Jenna, 15, and Cara, 13.
Sole traders receive the full benefits of the profits made
The survey says that employment legislation, such as pension requirements, dismissal rules and sickness absence rules, deter sole traders from taking on their first employee.
A survey of 6,000 employers found that half complained that regulation covering health and safety was a burden, while one in five sole traders said it was a barrier to taking on their first employee.
Measures to heavily streamline the taxation of sole traders, partnerships and the self-employed are also suggested.
Yarm man Anthony Finegan launched the business following a career in various companies, including large and small family-owned businesses, start-ups, venture capital-backed organisations and sole traders.
Dear Sir, The deadline for filing paper self-assessment tax returns isOctober 31 so for any SMBs, sole traders, freelancers and high-earners who are planning to submit their tax returns by paper, they need to do so as a top priority.
It said its debt recovery letters have been used from small sole traders through to multinational corporations.
But there is support in Parliament for non-multiple sole traders and family businesses running convenient local shops that are the focal point of community life.