sole proprietorship

sole proprietorship definition - legal

n

A business that is carried on by a single person and that is not a corporation or a trust. It differs from a corporation in that the business is not a separate entity, and its taxes are paid directly by the proprietor.

Webster's New World Law Dictionary Copyright © 2006 by Wiley Publishing, Inc., Hoboken, New Jersey.
Used by arrangement with John Wiley & Sons, Inc.

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