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LSDefine

Simple English definitions for legal terms

individual proprietorship

Read a random definition: Resume inflation

A quick definition of individual proprietorship:

Individual proprietorship is a type of business where one person owns everything and is responsible for everything. This means they own all the things the business needs, like the building and equipment, and they owe all the money the business owes. They also make all the decisions and run the business by themselves. It's like having your own lemonade stand, where you make the lemonade, sell it, and keep all the money.

A more thorough explanation:

An individual proprietorship, also known as a sole proprietorship, is a type of business in which one person owns all the assets, owes all the liabilities, and operates in their personal capacity.

For example, if John owns a small bakery and is the only person responsible for running the business, he is considered an individual proprietor. He owns all the equipment, ingredients, and profits, but is also responsible for any debts or legal issues that may arise.

Another example is a freelance writer who works for themselves and operates under their own name. They are responsible for all aspects of their business, including finances, marketing, and client relations.

Individual proprietorships are common among small businesses and freelancers because they are easy to set up and require minimal legal paperwork. However, they also come with the risk of personal liability and limited growth potential.

individual property | individual retirement account

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General

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Dkk
19:42
SEO is big money
2016 pushed the conservative party into populism irreversibly
Dkk
19:43
Maybe, but if this is populism, then every election is populist.
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
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