Sole proprietorship a sole proprietorship is owned by only one person essay

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Sole proprietorship a sole proprietorship is owned by only one person essay

The business owner is required to register with the appropriate local authoritieswho will determine that the name submitted is not duplicated by another business entity. The authority in some US states is the Secretary of State.

The license for a sole proprietary business entitles the owner to hire employees and enlist the services of independent consultants.

Although an employee or consultant may be requested by the owner to complete a specific project or participate in the company's decision-making process, their contribution to the project or decision is considered a recommendation under the law.

Sole proprietorship a sole proprietorship is owned by only one person essay

Under the legal doctrine Respondeat superior Latin: This is transposed by the unlimited liability attached to a sole proprietary business.

The owner is exclusively liable for all business activities conducted by the sole proprietorship and accordingly, entitled to full control and all earnings associated with it. Rules for sole proprietorships in different countries[ edit ] Ireland[ edit ] In Irelanda sole trader who wishes to use a business name must register that name with the Companies Registration Office CRO.

Registration of Business Act Act ; [4] Sarawak: In Sabah and Sarawak with the exception of Kuchingthe registration of businesses are done at the local authorities e. Sole proprietors, which includes the self-employed, must register with the relevant authority within thirty 30 days from the commencement of their business [8].

Sole proprietors may register their business using one of two names: Registration of a business lasts either one or two years, and must be renewed thirty 30 days before its expiry [8]. In the event of termination of business, the proprietor has thirty 30 days from the termination date to file the notice with the relevant authority [8].

If the termination is caused by the death of the proprietor, the administrators of the estate has four 4 months from the death date to file a notice of termination [8]. Sole proprietors, as employers, are responsible to: Online Businesses[ edit ] Inthe SSM took legal action against online businesses who fail to register their businesses whether as sole proprietors, partnerships, or private limited companies.

It refers to an individual who owns their own business and retains all the profits from it.

Sole proprietorship a sole proprietorship is owned by only one person essay

When starting up, sole traders must complete a straightforward registration with HM Revenue and Customs as self-employed for tax and National Insurance purposes. A sole trader can keep all the profits of their business after tax has been paid.

They must lodge a self-assessment tax return each year, and pay Income Tax as well as National Insurance. A sole trader can employ staff, but is personally responsible for any losses the business makes.

It can rapidly enable a business to begin trading; the requirements for record keeping are far more straightforward than other business structures.

Sole traders make all operational decisions and are solely responsible for raising business finance.How to Cook a Pork Chop – Pan Roasting In the Oven Pork Chop Prep. Buy the right Pork Chop Before you even start cooking, you need to make sure your starting with the right meat.

Buy a nice, thick pork chop. At least 1 inch thick, 2 or more is even better. PENDOK is a fast grow corporate consultancy firm with CAC accreditation to incorporate Business names, Limited liability companies, NGOs etc. We have assisted numerous clients in Nigeria and diaspora with our Consultancy, Incorporation, Taxation and Services model.

Sole Proprietorship: A sole proprietorship is owned by only one person. All profits and losses are the responsibility of the owner only.

Liability – There is unlimited liability in a sole proprietorship. The owner is solely responsible for any debts that may occur. Income Taxes – . Type of business ownership, Sole proprietorship A business that is carried on by a sole proprietorship is owned by one person, who also usually runs and manages the business.


There may or may not be people working in the business these are referred to as employees of the business and the owner is the employer. A sole proprietorship is “a business owned and operated by a single person. The business has no legal existence from its owner” (Rogers, ).

This also means that the sole proprietorship is liable for everything, debts, lawsuits, taxes, etc.

Sole Proprietorship: A sole proprietorship is owned by only one person Essay Example for Free

Microeconomics: Corporation and Sole Proprietorship Essay. Sole Proprietorship Business owned & ran by one person. Most common form of business. Partnership Business owned by 2 or more people. Corporation A business owned by stockholders, but having all rights of an individual.

Sole Proprietorship advantages easy to start, enjoys all profit, business is tax exempt, satisfaction, ease of.

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