What is a sole proprietorship?

Definition sole proprietorship

How do we define: sole proprietorship?


Sole Proprietorship is a business owned and managed by one person, who is personally liable for all business debts and obligations. For tax purposes, the owner and his or her business are one entity, meaning that business profits are reported and taxed on the owner's personal tax return.


Every new business owner must learn about incorporating their company. Learning how to incorporate your company is critical to starting up and protecting your future.

Incorporating

Corporate Glossary


 

 

Learn more about how we define sole proprietorship