Sole proprietorship: A sole proprietorship , also known as a sole trader, is owned by a single particular person and operates for their benefit. The owner operates the business alone and could employ staff A sole proprietor has unlimited liability for all obligations incurred by the business, whether or not from operating expenses or judgements against the business. All assets of the business belong to a sole proprietor, including, for example, laptop infrastructure, any inventory , manufacturing equipment, or retail fixtures , as well as any true home owned by the sole proprietor.
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