A sole proprietorship is not a separate legal entity, but is considered an extension of the owner. But you can trade under a trade name, such as “Bob Smith Plumbing”. Sole proprietorships are easy to set up. A sole proprietor refers specifically to the sole owner (owner) of a business that is managed as a sole proprietorship.
A sole proprietorship is a form of business entity in which one person owns all of the assets and assumes all of the company's debts. It is also known as property or individual property. The owner of the property is called the sole owner or owner. A sole proprietorship is the simplest form of business under which a business can be operated.
The sole proprietorship is not a legal entity. It simply refers to the person who owns the company and who is personally responsible for its debts. A sole proprietorship can operate under its owner's name, or it can do business under a fictitious name, such as Nancy's Nail Salon. The fictitious name is simply a business name; it does not create a legal entity separate from the sole owner.
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