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LSDefine

Simple English definitions for legal terms

proprietorship

Read a random definition: legitima potestas

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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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
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