Related Definitions

Sole Proprietorship

  • Updated on

Sole Proprietorship, the easiest type of business that one can run, has one owner or a proprietorship. The tax on profit of the business is paid as personal income tax by the owner.  

It is simply the business that is owned by sole owner, who is responsible for its operations or debt. The business under sole proprietorship can be run on the person name or any other trading name and does not involve the creation of a separate legal entity.

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.