proprietorship

The state of being proprietor; ownership.

Unincorporated business owned by a single person. The individual proprietor has the right to all the profits from the business and also responsibility for all the firm's liabilities. The income of a proprietorship is reported on Schedule C of the owner's Form 1040. If the taxpayer is actively involved in the business, the net income is also subject to Self-Employment Tax.

Ownership of a business, including income-producing real estate, by an individual, as contrasted with a partnership or corporation.
Example: A local brokerage firm decided that incorporation would be too cumbersome and would bring adverse tax consequences, so the owner retained the business as a proprietorship.

noun

The fact of possessing or the legal right to possess something: dominion, ownership, possession, title. See owned/unowned.