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 ?
These two schedules are the source of sole proprietorship statistics.
There is a negative and meaningful relationship between the percentage of managerial proprietorship and accounting conservtaism.
However, the new Companies Law provides that a holding company can be established under any of the following legal forms: Shareholding Companies, With Limited Liability Companies and Sole Proprietorship Companies.
Like a sole proprietorship, no official paperwork is required to form a partnership.
A limited liability company (see Chapter 15) with a single owner may choose to be taxed as either a sole proprietorship or as a C Corporation (see Chapter 13).
Maisano, presents the first of what is planned to be an ongoing series examining geographic data for partnerships and sole proprietorships.
Maureen Speltz was a licensed day care provider who operated a sole proprietorship in Minnesota.
A wealth of self- testing worksheets and quick-reference resources round out this common-sense get-started game plan to proprietorship.
covers all aspects of this decision, including concerns of doing business out-of-state, money issues and personal liability concerns, converting a partnership or a sole proprietorship to another entity, converting an LLC to another entity, converting, dissolving or selling a corporation, and much more.
Both the brochure and speech, "Selecting the Right Structure for Your Business," offer guidance on forming a sole proprietorship, partnership, limited liability company and S or C corporation.
VARS Investment Group offered the opportunity for him to startup a sole proprietorship installing and maintaining debit machines, and point of sale machines.