proprietorship

proprietorship definition - business

proprietorship

A firm with a single owner, chiefly one who acts as the manager of the business. Business income, expenses, taxes, liability for debts, and contractual obligations are inseparable from the owner's personal finances. Also called sole proprietorship. Compare corporation. See also partnership, unlimited liability.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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