sole proprietorship

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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.

Use 'sole proprietorship' in a Sentence

Tycoons in early America built their vast business empires based on the principle of sole proprietorship, since they normally owned and ran all of their own companies.
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I set my new business up as a sole proprietorship, and I am worried that if the business fails, I am going to have to pay all its debts out of my own pocket.
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Bill had sole proprietorship of the his carpet cleaning company because he owned received all the benefits as well as accrued all the risks that came along with it.
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