A Brief Overview of Sole Proprietorship Business
What is a Sole Proprietorship?
A sole proprietorship is a business that:
An unincorporated business owned and run by one individual with no distinction between the business and the owner. In this type of business, the owner is entitled to all profits and is responsible for all the business's debts, losses, and liabilities.
A sole proprietorship can be owned and controlled by an individual, a company, or a limited liability partnership.
What are the key characteristics of a sole proprietorship business? It is an unincorporated business owned and run by one individual with no distinction between the business and the owner. You are entitled to all profits and are responsible for all your business's debts, losses, and liabilities. A sole proprietorship is a business that can be owned and controlled by an individual, a company, or a limited liability partnership.