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Simple English definitions for legal terms

proprietorship

Read a random definition: first-degree amendment

A quick definition of proprietorship:

A proprietorship is a type of business where one person owns everything and is responsible for everything. This person is called the sole proprietor. They have complete control over the business and get to keep all the money it makes. However, if the business loses money or owes debts, the sole proprietor is responsible for paying them. There is no special tax for this type of business, and all the money made or lost is reported on the sole proprietor's personal tax return.

A more thorough explanation:

A proprietorship is a type of business organization where one person owns all the assets and is responsible for all the debts of the business. It is also known as a sole proprietorship or individual proprietorship. The owner of the proprietorship is called the sole proprietor or proprietor.

For example, if John starts a small business selling handmade crafts and he is the only owner, he is running a proprietorship. He is responsible for all the debts and liabilities of the business, but he also gets to keep all the profits.

Proprietorship is the simplest form of business structure and does not require any formalities to be established. The status of proprietorship automatically comes from the proprietor's business activity. There is no distinction between the business and the proprietor, and the proprietor has complete control over the business.

However, the proprietor is also subject to unlimited liability, which means that they are personally responsible for all the losses, debts, and other liabilities of the business. This means that if the business fails and owes money, the proprietor's personal assets may be used to pay off the debts.

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

Proprietor | prosecute

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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
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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
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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
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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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