Sole Proprietorship
/ˈsoʊl prəˌprɑːprɪˈɒrʃɪp/
Definitions
- (n.) A business owned and operated by a single individual, with no distinction between the owner and the business entity.
She chose a sole proprietorship to retain full control over her small business.
Forms
- sole proprietorships
Related terms
See also
Commentary
Sole proprietorships are the simplest form of business organization but carry unlimited personal liability for the owner.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.