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    Accounting Dictionary

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    Sole Proprietorship


    Definition:
    A sole proprietorship is a business that is not incorporated, so that a single individual is entitled to the entire net worth of the business, and is personally liable for its debts. The individual and the business are considered to be the same entity for tax purposes, so the individual pays personal income taxes on the profits generated by the business.

    A sole proprietorship is the simplest of all business entities.