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Who is a sole proprietor?
A sole proprietor is a person who owns the business and is personally responsible for it debts.
What is sole proprietor?
A sole proprietor is someone who owns there own business. A newspaper stand for example. If you invest your money into your business, then create and run it ALL BY YOUR SELF, then the business is called a sole proprietorship, and you are the sole proprietor.
What are the duties of a small business manager?
Sole Proprietor: Owner of that business
What are two advantages of a sole proprietorship?
The advantages to doing business as a sole proprietor include: 1) No formal filing with the state is required for a sole proprietorship, and the sole proprietor need not file separate income tax returns for the business. Instead, he reports the profit or loss on his personal income tax return, so the accounting and bookkeeping requirements are very simple. 2) A sole proprietor does not have to share the decision making process with other owners. He controls the management of the business. 3) A sole proprietor can freely sell his business.
Who receives the profit from a sole proprietorship?
Either the sole proprietor or the profit may be reinvested in the business in which case the sole proprietorship.
What best describes an individual who owns a business?
sole proprietor
What are the features of sole proprietership?
Sole proprietorship is solely governed by the Proprietor of Proprietress. The day to day affairs of the Company, Bank operations etc. are all conducted by the sole proprietor. The profit or loss of the company is borne by the proprietor only. In this type of business, the work capability,manpower etc. of the proprietor play a pivotal role in directing the business. In capitalistic form of society, sole proprietership business is encouraged to flourish for help in rapid growth.
Can you give me some examples of famous companies operating as sole proprietor ship business?
James C. Penney Founder of J.C Penney, He is a Sole Proprietor.
What terms best describes an individual who owns a business?
sole proprietor
What type of business is owned by one person?
Sole trader or sole proprietor running a one person business such as a one man or woman plumbing business.
If you are sole proprietor do you need Worker's Compensation?
AnswerYou are the only proprietor of your business but are you the only employee?yesthen, no you dont need it
Can you be a sole proprietor and a corporation?
No, you cannot be both a sole proprietor and a corporation simultaneously, as these are distinct legal structures. A sole proprietorship is an unincorporated business owned and operated by a single individual, while a corporation is a separate legal entity owned by shareholders. However, an individual can operate a sole proprietorship and later choose to incorporate their business, at which point they would transition from being a sole proprietor to being part of a corporation.
