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.
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 ?
In the case of sole proprietorships, the net assets of the business go their separate ways to the heirs and the continuance of the business is much harder to predict as they have to apply for a new and distinct business license.
To the question if he being the director ECW FIA was he not supposed to know that there were different laws governing the setting up of companies, partnership firms and sole proprietorships, Zia replied he was not supposed to know such details and he was not subject specialist on all laws governing the ECW.
In 2012, most of the largest principal industrial sectors reported increased sole proprietorship profits (net income less deficit).
The percentage of the population that is white affects patents, venture capital, and sole proprietorship positively.
Just like sole proprietorships and partnerships, the business income or losses must be reported on an individual's personal tax return.
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.
A sole proprietorship is defined as an unincorporated, one-person business, entirely owned and directed by a single person.
Legal fees for drawing up a partnership agreement are higher than those for a sole proprietorship, but may be lower than incorporating.
A sole proprietorship works best for a one-man consulting operation.
Maureen Speltz was a licensed day care provider who operated a sole proprietorship in Minnesota.
Made by Sky River Ranch (a sole proprietorship), Fruita, (970) 858-1394, www.skyriverranch.com.
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.