A business structure
in which an individual and his / her company are considered a single entity for
tax & liability purposes. A proprietorship is a company which is not
registered with the state as a limited liability company or / corporation.
The owner does not
pay income tax separately for the company, but he / she reports business income
or / losses on his / her individual income tax return. The owner is inseparable
from the proprietorship, so he / OR she is liable for any business debts. also
called sole proprietorship
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