Sole Proprietorship

A Single or Sole Proprietorship is a business that is owned by only one person.  In this kind of business, the owner often plays multiple roles such as the manager of the business.  A sole proprietorship arrangement is often found in small retail stores and professional practices such as accounting, financial advisors, law, and medicine.

The owner of a sole proprietorship is personally responsible for all liabilities and debts incurred by the business.