sole proprietorship
Definition
Simplest, oldest, and most common form of business ownership in which only one individual acquires all the benefits and risks of running an enterprise. In a sole-proprietorship there is no legal distinction between the assets and liabilities of a business and those of its owner. It is by far the most popular business structure for startups because of its ease of formation, least record keeping, minimal regulatory controls, and avoidance of double taxation.
sole proprietorship is in the Accounting & Auditing, Banking, Commerce & Finance and Corporate, Commercial, & General Law subjects.
sole proprietorship appears in the definitions of the following terms:
company,
business name,
income tax,
unlimited liability,
pass through taxation,
proprietorship,
conduit principle,
dividend capitalization model,
limited liability company (LLC),
drawings
and
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