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Simple English definitions for legal terms

individual proprietorship

Read a random definition: perjury-trap doctrine

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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JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
soyalmondoatmilk
8:38
good morning! hoping waves will come our wave today
8:42
GW wave today?
8:57
There’s someone I found on here with the username threeoutchange and if my understanding is correct that’s a reference to the debut album by a pretty cool 90s-00s Japanese band called Supercar. I geeked a little
8:57
It could just be a baseball reference I don’t get though lol
Dkk
9:00
@renard99: also, the same band that does a song in the anime Eureka 7 which I watched when I was like idk, 12
9:00
Yeah! They are pretty good. Three Out Change is an awesome J-rock record
Dkk
9:01
I will probably not listen to them more but fun fact. Really random to start the day. An omen that the waves will be very random today.
Dkk
9:03
Fuck, reading the wikipedia now. Literal last song they did before they broke up was Storywriter. Wow.
9:05
That one is a masterpiece
9:05
My favorite song by them is Recreation
glovediedthisishismom
9:05
snowing
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