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LSDefine

Simple English definitions for legal terms

Proprietor

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A quick definition of Proprietor:

A proprietor is someone who owns something. It can refer to the owner of a business called a sole proprietorship, which means one person owns everything and is responsible for all the debts. This type of business is easy to start and doesn't require any special paperwork. The proprietor has complete control over the business and gets to keep all the profits, but also has to pay for any losses or debts. They also have to pay taxes on the business income as part of their personal taxes.

A more thorough explanation:

Proprietor refers to an owner, someone who legally and exclusively owns something. For example, the proprietor of a store is the person who owns the store.

A sole proprietorship is a type of business where one person owns all the assets and assumes all the debts of the business. For example, if someone starts a small business selling handmade crafts, they might choose to operate as a sole proprietorship. In this case, the proprietor is the only owner of the business and is responsible for all aspects of it.

The proprietor of a sole proprietorship has full control over the business and is entitled to all profits. However, they are also subject to unlimited liability for all losses, debts, and liabilities of the business. This means that if the business incurs debt or is sued, the proprietor is personally responsible for paying those debts or damages.

There is no separate income tax to be paid for a sole proprietorship. Instead, all profits and losses are reported on the proprietor's personal tax return.

John runs a small landscaping business as a sole proprietorship. He owns all the equipment and is responsible for all the debts and liabilities of the business. He has full control over the business and is entitled to all profits. However, if the business is sued or incurs debt, John is personally responsible for paying those debts or damages.

Proprietary rights | proprietorship

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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
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
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