Sole proprietorship
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Sole proprietorship is a type of business organization that has one owner who assumes unlimited liability. That means that this owner is personally liable for paying the business' debt.
Definitions
According to College Accounting: A Practical Approach by Slater (13th edition),
- Sole proprietorship. A type of business organization that has one owner. This owner is personally liable for paying the business' debt.
Related concepts
- Bookkeeping. Recording, filing, and retrieving of financial data, as well as producing those financial reports that are required by laws.
