Sole Proprietorship: Business legally synonymous with its owner
A Sole Proprietorship is a type of unincorporated business owned by a single person sand not registered as a corporation.
Its profits, debts and taxes are all the financial responsibility of the sole person who is the owner. The owner pays personal income tax on profits earned from the business and is solely responsible for all debts of the business. This means that if they have financial problems it is possible for them to lose their own money or even their house.
This article uses material from the Wikipedia Simple English article Sole proprietorship, which is released under the Creative Commons Attribution-ShareAlike 3.0 license ("CC BY-SA 3.0"); additional terms may apply (view authors). Content is available under CC BY-SA 4.0 unless otherwise noted. Images, videos and audio are available under their respective licenses.
®Wikipedia is a registered trademark of the Wiki Foundation, Inc. Wiki Simple English (DUHOCTRUNGQUOC.VN) is an independent company and has no affiliation with Wiki Foundation.