proprietorship


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Proprietorship

An unincorporated business that is owned and operated by only one person who has complete liability for all assets, and complete rights to all profits.

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.

proprietorship

A firm with a single owner, chiefly one who acts as the manager of the business. Income, expenses, taxes, liability for debts, and contractual obligations are inseparable with respect to differentiating the owner from the business. Compare corporation, partnership. See also unlimited liability.

proprietorship

Ownership. Those who own their own business in their own personal name, without a corporation or partnership or other such business structure, is said to have a sole proprietorship.

Proprietorship

An unincorporated business owned by one person. The business owner may have employees working for him or her.
References in periodicals archive ?
A 1% increase in the ratio of earnings between proprietors and wage earners is associated with a .025-.037% increase in the growth of proprietorship. This result supports the occupational choice model with switching costs and hypothesis 1.
The members can select how they want the entity to be taxed: as a corporation, partnership, or sole proprietorship. An LLC protects each member's personal assets from the LLC's debts and liabilities.
When a single business owner desires the simplest tax treatment and does not want to incur the legal expense and deal with the formalities of forming a business under state law, a sole proprietorship may be appropriate.
31, 1996, will generally be taxed like a partnership if there are two or more owners, or as a sole proprietorship if it has only one owner, unless it elects to be taxed as a corporation.
The courts have reallocated self-employment income to both spouses by finding that the spouses were conducting a partnership, not a sole proprietorship.
Ministers of religion get a 60pc discount,paying only pounds 187.78for a year's proprietorship. Discounts are also given to those living and working more than 25 miles from the institution, who pay pounds 117.36 if they are working or pounds 46.95if retired.
Widows' wills disclose investments in business and state securities and proprietorship of real estate, in addition to a wide range of other economic activities in which married women engaged as well.
Our statistical results indicate that there is not a statistically significant association between marginal tax rate changes and sole proprietorship net income or sole proprietorship expenses.
Java has its own proprietorship and has partners within the U.S.
Quicken TurboTax Home & Business is designed for the individual who files Form 1040 and Schedule C for his or her sole proprietorship. After rebates, the program includes one free copy of TurboTax State, free federal electronic filing, and the 1099/W-2 Tax Pro Assistant software and forms package.
This argument assumes that monarchy (or hereditary single-family proprietorship) is the only practical alternative to highly bureaucratized public ownership and that only monarchical owners can voluntarily decide to invest in the product rather than send income to the bottom line.