Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

Proprietor

Read a random definition: in modum juratae

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

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
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.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
LSD+ is ad-free, with DMs, discounts, case briefs & more.