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 ?
In 2012, most of the largest principal industrial sectors reported increased sole proprietorship profits (net income less deficit).
H2: Changes in the ratio of sole proprietorship expenses to sole proprietorship gross revenues are positively associated with changes in MTRs.
Sole proprietorship: Formation of a sole proprietorship results in no gain or loss recognition.
The largest sector for nonfarm sole proprietorship LLCs is the Professional, Scientific, and Technical services sector which includes 53,244 businesses.
An audit of a sole proprietorship becomes a personal audit as well as a business audit because you are not separated.
When converting a sole proprietorship to a corporation or LLC, timing is a consideration," said Karen Kobelski, general manager for BizFilings.
sole proprietorship datasets, tabulated for the Small Business Administration (SBA) by the Statistics of Income (SOI) Division of the Internal Revenue Service, this article attempts to answer several research questions.
To avoid separate testing at the entity level, a start-up business with a single owner should consider forming as a sole proprietorship or single-member limited liability company.
A regular C corporation can earn a tax deduction of up to twice the cost of the goods; an S corporation, partnership or sole proprietorship would earn a straight cost deduction.
The simplest form of operating a business is a sole proprietorship.
Any amount paid by an individual for preparing the business portion of income tax returns and resolving tax deficiencies for a sole proprietorship, including litigation expenses, can be deducted as business expenses.
Pratt with funding from the Office of Advocacy, The Impact of Location on Net Income: A Comparison of Home-based and Non-Home-based Sole Proprietors examines federal income tax data from year 2002 sole proprietorship returns (Schedule C).