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

Related coursework