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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] A sole trader does not necessarily work alone and may employ other people. [2]
Self-employed people are usually classified as a sole proprietor (or sole trader), independent contractor, or as a member of a partnership. Self-employed people generally find their own work rather than being provided with work by an employer and instead earn income from a profession, a trade, or a business that they operate.
sole trader: must be a natural person e.c. (egyéni cég) sole venture: a company registered by and consisting of one sole trader bt. (betéti társaság) limited partnership: requires one general partner with unlimited liability and one or more members with limited liability kkt. (közkereseti társaság) general partnership
Sole traders have unlimited liability, which means that the law does not see them as separate from their business and there is no difference from the money of the business and that of the sole trader; meaning that if the business occurs debts, then so does the owner.
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.
An example is a sole trader or proprietorship. The sole trader takes money from the business by way of 'drawings', money for their own personal use. Despite it being the sole trader's business and technically their money, there are still two aspects to the transaction: the business is 'giving' money and the individual is 'receiving' money.
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A sole practitioner or solo practitioner is a professional, such as a lawyer or an architect, who practices independently. For instance a sole practitioner's law firm may include non-lawyer support personnel but does not include any other lawyers.