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Simple English definitions for legal terms

sole proprietorship

Read a random definition: liber ruber scaccarii

A quick definition of sole proprietorship:

Sole proprietorship is a type of business where one person owns everything and is responsible for everything. This person is called the sole proprietor. It's the easiest way to start a business because you don't need to do anything special to create it. The owner has complete control over the business and gets to keep all the money it makes. But if the business loses money or owes money, the owner is responsible for paying it all back. The owner also has to pay taxes on the money the business makes, but it's all done on their personal tax return.

A more thorough explanation:

Sole proprietorship is a type of business where one person owns and runs the entire business. This person is called the sole proprietor. The sole proprietorship is the simplest form of business and does not require any formalities to be taken to form it.

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

Another example is if Jane starts a freelance writing business and works for herself. She is the sole proprietor of the business and is responsible for all the debts and liabilities. She also gets to keep all the profits.

The main advantage of a sole proprietorship is that it is easy to set up and run. However, the main disadvantage is that the sole proprietor is personally liable for all the debts and liabilities of the business. This means that if the business fails, the sole proprietor's personal assets may be at risk.

Sole proprietor | Solemnization of marriage

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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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