sole proprietorship

sole proprietorship definition - finance
A business that is not incorporated but instead is owned by one individual, the sole proprietor, who is entitled to all of the profits of the business. Those profits are taxed at the sole proprietorÂ’s individual income tax rate. The sole proprietor is personally liable for all debts of the company.

Webster's New World Finance and Investment Dictionary Copyright © 2003 by Wiley Publishing, Inc., Indianapolis, Indiana.
Used by arrangement with John Wiley & Sons, Inc.

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