sole proprietorship
- A business model where a single individual owns and operates the entire enterprise without any formal tax entity status, bearing complete responsibility for the business's debts and reporting profits on their personal tax return
- Her flower shop ran on a sole proprietorship basis, making her solely responsible for all the business debts.
- Running his cafe as a sole proprietorship, he accounted for the profits in his personal tax return.
- The downside of running a farm as a sole proprietorship is bearing personal liability for all business debts.
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