Sole Proprietorship
The simplest business form under which one can operate a business. It is not a legal entity and simply refers to a person who owns the business and is personally responsible for its debts.
Business Glossary provided by Plannit.ai
A sole proprietorship is an unincorporated business owned and run by one individual with no distinction between the business and the owner. The owner is entitled to all profits and is responsible for all the business's debts, losses, and liabilities. This form of business is straightforward to set up with fewer formalities but does not offer the benefit of limited liability that corporate structures do.
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