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A sole proprietorship, also known as a sole tradership, individual entrepreneurship or proprietorship, is a type of enterprise owned and run by only one person and in which there is no legal distinction between the owner and the business entity. [1]
There are three main types of business entity in Brunei, namely sole proprietorship, partnership, and company. [ 11 ] A private company contains the term "Sendirian Berhad", meaning "Private Limited" or "Sdn. Bhd." as part of its name; for a public company "Berhad" or "Bhd." is used.
A sole proprietorship, also known as a sole trader, is owned by one person and operates for their benefit. The owner operates the business alone and may hire employees. A sole proprietor has unlimited liability for all obligations incurred by the business, whether from operating costs or judgments against the business.
Sole proprietorship To qualify for this legal structure, you must own an unincorporated business by yourself—usually independent contractors or self-employed individuals.
Pass-through entities: Owners of pass-through entities like sole proprietorships, partnerships, and LLCs (if taxed as a sole proprietorship or partnership) typically pay themselves through owner ...
A limited liability company (LLC) is a business entity that helps to protect the business owner from the liabilities incurred by the company they own. As a sole proprietor, you and your business ...
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