Sole proprietorship is a legal expression referring to the class of ownership of a business. A sole proprietor is usually an individual with full equity and liability in a business. A sole proprietorship is usually not a corporate entity, and isn't a legal 'person'. The relevant legal entity is the owner. Sole proprietorship businesses are generally considered small businesses, but may also apply to franchises, or larger personal business ventures.
Examples of Sole Proprietorship:
|It's a very large business, but it's still a sole proprietorship.|
The business is a sole proprietorship, with only one legal owner.
Sole proprietorship businesses have one owner.