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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 Proprietorship (b) Partnership (c) Company Sole Proprietorship; In a sole proprietorship, an individual on his/her own account carries out the business or profession. No formal procedure or formality is required for setting up a sole proprietary concern. Partnership
Chief proprietor Years Percentage interest Other proprietors 1 William Penn: 1681–1718 100% Hannah Penn served as acting proprietor after 1712 2 John Penn ("the American") 1718–1746 50% 25%: Thomas Penn, 25%: Richard Penn, Sr. 3 Thomas Penn: 1746–1775 75% 25%: Richard Penn, Sr. (1746–71), Governor John Penn (1771–75) 4 John Penn "of ...
Sole proprietorship vs. LLC: Which is right for you? The decision to form an LLC is a personal one that depends on your business goals, overall risk level, and the amount of time you're willing to ...
Schedule C businesses, which include sole proprietorships, husband-wife partnerships, or LLCs treated as sole proprietorships for tax purposes, have different rules than corporations.
According to "The Family Business Review", "there are approximately seventeen million sole-proprietorship in the US. It can be argued that a sole-proprietorship (an unincorporated business owned by a single person) is a type of family business" and "there are twenty-two million small businesses (fewer than five hundred employees) in the US and ...
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