Sole Proprietorship Definition
Sole Proprietorship
DEFINITION
Sole proprietorship is a business consisting of a single owner (which may itself be a business entity), not in a separately recognized business form. There is no legal distinction between the owner and the business entity. The owner is in direct control of all elements and is legally accountable for the finances of such business and this may include debts, loans, loss, etc. The owner receives all profits (subject to taxation specific to the business) and has unlimited responsibility for all losses and debts. Every asset of the business is owned by the proprietor and all debts of the business are the proprietors. A sole proprietor may use a trade name or business name other than his, her, or its legal name.
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Terri J Lee S.
Arizona Member
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Texas Member
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