sole proprietor


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Sole Proprietor

The one and only owner of an unincorporated business. That is, the business of a sole proprietor is not a corporation, a limited liability company, or anything else. The sole proprietor must list all profits and losses on his/her personal tax return and does not file a separate return for the business. Additionally, the sole 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 the owners operate on the side.

Sole proprietor.

A sole proprietor is the owner and operator of a business that isn't registered as either a corporation or a limited liability company.

As a sole proprietor, you are personally liable for all your business's debts and report any business profits or losses on your individual tax return.

sole proprietor

see FIRM.
References in periodicals archive ?
(See Exhibit 5 for a comparison of the growth in importance of these core services by firm size.) The important thing to note for sole proprietors is that assurance services wow in importance at a faster rate than any other core service, but by virtue of their size, tax services are still responsible for more growth in total fees than any other service.
Cingoranelli said many sole proprietors simply can't find the time to think about the future.
A sole proprietor cannot admit another owner without legally ending the sole proprietorship and forming a new business such as a partnership.
Those who believe their income is too small for the IRS to care about may be surprised to learn that in 2003, 3% of sole proprietors with gross receipts below $25,000 were examined."
Many sole proprietors of businesses with occasional employees, or no employees, are sometimes confused with laborers.
In the case of the sole proprietor, an agreement may not be feasible as it requires not only a seller but also a purchaser.
Bu Shahab urged Emirati investors who are interested in starting business and adopt the legal form of sole proprietor company to complete all procedures regarding the issuance of the licence.
Robb and Madeleine Ahlquist, owners of The Sole Proprietor and One Eleven Chop House, both in Worcester, hosted a fundraiser at their new restaurant, VIA in Worcester.
In Chief Counsel Advice (CCA) 200524001, the IRS held that a self-employed individual who is a sole proprietor and purchases health insurance in his or her own name may treat it as purchased in the name of the sole proprietor business.
Attest Experience -- For attest experience, two CPAs are required to sign, unless one signor is an owner, partner, sole proprietor or shareholder.
Today, Rojas is the sole proprietor of Interiors By Design, which provides interior and exterior design as well as accessories.
Of course, this assumes that the sole proprietor is the only employee of the new entity.