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.

According to Financial Management Theory and Practice by Eugene F. Brigham and Michael C. Ehrhardt (13th edition),

Proprietorship. A business owned by one individual.

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