Definition

Sole Proprietorship

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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.