SOLE PROPRIERTORSHIP is a business structure in which an individual and his/her company are considered a single entity for tax and liability purposes. A sole proprietorship is a company which is not registered with the state as a limited liability company or corporation. The owner does not pay income tax separately for the company, but he/she reports business income or losses on his/her individual income tax return. The owner is inseparable from the sole proprietorship, so he/she is liable for any business debts; also called proprietorship. The distinguishing characteristics of a sole proprietorship include: only one owner for the business (hence, "sole") and the business is unincorporated.
Barry Goldsmith
| APA | Barry Goldsmith. (2010). sole propriertorship. Retrieved September 22, 2026, from http://smartdefine.org/sole_propriertorship/definitions/1163778 |
| Chicago | Barry Goldsmith. 2010. "sole propriertorship" http://smartdefine.org/sole_propriertorship/definitions/1163778 (accessed September 22, 2026). |
| Harvard | Barry Goldsmith 2010, sole propriertorship, Smart Define, viewed 22 September, 2026, <http://smartdefine.org/sole_propriertorship/definitions/1163778>. |
| MLA | Barry Goldsmith. "sole propriertorship" 21 October 2010. Web. 22 September 2026. <http://smartdefine.org/sole_propriertorship/definitions/1163778> |