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LSDefine

Simple English definitions for legal terms

sole proprietorship

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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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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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