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what is sole proprietorship?

Posted By admin on December 25, 2013 No Comments

The sole proprietorship is the oldest, simplest, and most common form of business entity that is owned and operated by one individual. For tax and legal liability purpose, the owner and the business are one and the same, which means that business profits are reported and taxed on the owner’s personal tax return. The proprietorship is not taxed as separate entity… The proprietor is personally liable for all debts and claims against the business. Thus, legal claimants can pursue the personal property of the proprietor and not simply the assets used in the business.

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