Sole Proprietorship in United States
Plain-English Law
Sole Proprietorship as defined by Nolo’s Encyclopedia of Everyday Law (p. 437-455):
A business owned and managed by one person. Business profits are reported and taxed on the owner’s personal tax return, and the owner is personally liable for all business debts.
Practical Information
Note: Some of this information was last updated in 1982
One of the three most common forms of business organization. Ownership of the business is vested in one proprietor. The other two common forms of business organization are partnership (in U.S. law) and corporation (in U.S. law).
What is Sole Proprietorship?
For a meaning of it, read Sole Proprietorship in the Legal Dictionary here. Browse and search more U.S. and international free legal definitions and legal terms related to Sole Proprietorship.
Sole Proprietorship Explained
References
See Also
- Business Law
- Business Organizations
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