ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A sole proprietorship is an unincorporated business that one person owns and manages. As the business and the owner are not legally separate, it is the simplest form of business structure. It is also known as individual entrepreneurship, sole trader, or simply proprietorship.

Detailed explanation-2: -Sole Proprietorship This is a business run by one individual for their own benefit. It is the simplest form of business organization. Proprietorships have no existence apart from the owners.

Detailed explanation-3: -A sole proprietor is someone who owns an unincorporated business by himself or herself. However, if you are the sole member of a domestic limited liability company (LLC), you are not a sole proprietor if you elect to treat the LLC as a corporation.

Detailed explanation-4: -Proprietor refers to an owner, i.e. someone who has legal and exclusive ownership of something. In particular, it refers to the owner of a sole proprietorship, in which case it is also called sole proprietor.