Question

Define sole proprietorship......​

Answer 1

A sole proprietorship is an unincorporated business owned by one individual.

• The gains and losses of the sole proprietorship are reported on the owner's personal income tax return.

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Answer 2

Answer:

A Sole proprietorship can be explained as a kind of business or an organization that is owned, controlled and operated by a single individual who is the sole beneficiary of all profits or loss, and responsible for all risks. It is a popular kind of business, especially suitable for small business at least for its initial years of operation. This type of businesses is usually a specialized service such as hair salons, beauty parlours, or small retail shops.

Definition of Sole Proprietorship:

• It is that type of business organization which is owned, managed and controlled by a single owner.
• The word “sole” means “only” and “proprietor” notes to “owner”.
• A sole proprietor is the beneficiary of all profits.
• All risks are to be borne by the sole proprietor.
• The sole proprietor has unconditional and full control over its business.
• Example: Beauty parlour, barbershop, general store and sweet shop run by a single owner.