Sole proprietorship

A sole proprietorship is an unincorporated business owned and operated by one person. The owner and business are not legally separate, so the owner is personally liable for business debts and obligations.

Business ownership: The legal and economic rights to control a business and receive its profits. One person's ownership is the defining basis of this business structure.
Partnership: A business jointly owned by two or more people who share its profits, losses, and responsibilities. Unlike a sole proprietorship, a partnership has multiple owners.
Doing business as: A registered trade name used by a person or entity operating under a name different from its legal name. A proprietor may use a public-facing business name without forming a separate entity.
Business succession: The transfer of ownership or leadership of a business to a successor. A proprietor's death or incapacity can disrupt a business that lacks a separate continuing owner.
Unlimited liability: Personal responsibility for obligations that can extend beyond an investment in a business. The proprietor's personal assets may be used to satisfy business debts.
Limited liability company: A business entity that generally separates its owners' personal assets from business liabilities. An LLC can limit owners' personal exposure in ways a sole proprietorship does not.
Business license: Government authorization required to conduct specified commercial activities or operate in a jurisdiction. A sole proprietor may need local or industry-specific permission to operate.
Business financing: Methods businesses use to obtain money for operations, investment, or growth. A sole proprietor may rely on personal funds and borrowing rather than selling ownership shares.
Unincorporated association: An organization formed without creating a corporation as a separate legal entity. A sole proprietorship operates without incorporation or a separate business entity.
Corporation: A legal entity distinct from its owners, with rights and obligations of its own. A corporation separates business liabilities from shareholders' personal liabilities.

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