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Sole proprietorship definition and examples
Customer Suzy slips in the puddle and falls, striking her head on the arm of a chair.
A sole proprietorship is a business that is owned and operated by a single individual.
One man business is generally small but It can be vodafone k3565 firmware update large as steel mill or a departmental store depending upon the funds/resources available to the entrepreneur.
Services stations barbers shop doctors clinic, service stations beauty parlous etc are examples aircrack ng windows gui of sole proprietorship.The IRS offers a great deal of helpful information for self-employed individuals online at their Self-Employed Individuals Tax Center.The operation of his business is not ruled by any special act or ordinance.An individual windows xp professional sp3 x86 black edition update november 2012 considering starting a business may wonder how to start a sole proprietorship.He may take loan from other sources such as friends or bank as need arises.There are certainly steps anyone can take to get their business gets off on the right foot.Many sole proprietors pay self-employment taxes each quarter, as estimated tax payments.The attorney went on to argue that ABC Towing was not an organization, because it fell under the sole proprietorship category, as it was solely owned by Rodney Lewis.IRS Schedule C : Profit or Loss from Business.Plaintiff A person who brings a legal action against another person or entity, such as in a civil lawsuit, or criminal proceedings.Civil Lawsuit A lawsuit brought about in court when one person claims to have suffered a loss due to the actions of another person.Some of the important definition of sole proprietorship are as follows.Challenge to Liability of Sole Proprietorship In 1998, an employee of ABC Towing in Alaska, poured gasoline on the ground.Criminal Charge A formal accusation by a prosecuting authority that an individual has committed a crime.The prosecution made no claim that Lewis had instructed the employee to discharge the gas illegally, or that he had helped cover.The business is completely in the hands of an individual.The term simply describes a person who owns a business, and is personally responsible for its operation, as well as its debts.Since the sole proprietorships rely on its owner for its business know-how, funding and creativity, expansion definitely will be slow.
The Tea Shoppe will likely be responsible for paying Suzys medical bills, but if Suzy sues the business for negligence, she can also sue Amelia personally, or seek to collect her judgment from Amelias personal assets.