Sole Proprietor Definition: A sole proprietorship is an unincorporated business, with operations handled by a sole owner or trader.
This type of company has one owner, and the business is typically small and easy to establish, as it’s not publicly traded, incorporated, or has shareholders or partners.
A proprietorship is popular for freelances and small operations, and income generated from these businesses is included in the owner’s personal tax income.
An example of a sole proprietor is a consultant, contractor, or privately owned retail shop. When a business grows or expands, it may eventually become a limited liability partnership or a corporation.
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