sole proprietorship
Individual-owned enterprise entirely
A sole proprietorship is a business owned and operated by one person, with no legal distinction between the owner and the business entity.
The owner receives all profits but bears all liabilities personally.
It's the simplest business structure, requiring no formal registration beyond local permits: She runs her freelance design work as a sole proprietorship.
Modest independent commercial venture
- startupNew business enterprise
- ventureRisky new undertaking
- enterpriseCommercial undertaking or initiative
- shopRetail sales venue
boutique · storefront · e-commerce · retail · service provider · home-based business · side hustle · microbusiness
Not legally chartered
- sole traderUnincorporated one-owner business
- personal income taxTax on individual earnings
- Schedule CSole proprietor income form
- EINFederal business identifier
Independent decision-making capacity
- self-employmentWorking for yourself
- entrepreneurshipCreating and managing ventures
- freelancerSelf-employed service provider
- consultantProfessional advice provider
contractor · artisan · craftsperson · tradesperson · self-reliance · flexibility · work-life balance · solo practice
Personal obligation for all debts
- personal assetsOne's owned valuables
- personal responsibilityDuty to own consequences
- risk exposurePotential for financial loss
- personal guaranteePromise to cover another's obligation
small business
Modest independent commercial venture
- startupNew business enterprise
- ventureRisky new undertaking
- enterpriseCommercial undertaking or initiative
shop · boutique · storefront · e-commerce · retail · service provider · home-based business · side hustle · microbusiness · mom-and-pop
unincorporated
Not legally chartered
- sole traderUnincorporated one-owner business
- personal income taxTax on individual earnings
- Schedule CSole proprietor income form
EIN · DBA · business license · trade name
autonomy
Independent decision-making capacity
- self-employmentWorking for yourself
- entrepreneurshipCreating and managing ventures
- freelancerSelf-employed service provider
consultant · contractor · artisan · craftsperson · tradesperson · self-reliance · flexibility · work-life balance · solo practice · independent contractor
unlimited liability
Personal obligation for all debts
- personal assetsOne's owned valuables
- personal responsibilityDuty to own consequences
- risk exposurePotential for financial loss
- businesscompany, corporation, firm, enterprise, commerce
- entrepreneurshipentrepreneur, startup, founder, co-founder, cofounder
- business typesbig business, business, corporation, partnership, nonprofit
- business venturesventure, startup, franchise, enterprise, investment
- one-personone-man show, solo act, solo performance, monologue, single occupancy
- small businesssmall business, owner, mom-and-pop, startup, entrepreneur
sole proprietorshippartnership
Shared business arrangement
multinational corporation · corporation · joint venture · general partnership · cooperative
appropriate, ownership, solely, propriety, proprietor, proprietary, appropriation, expropriate, misappropriate