2007-08-16 19:04:13 · 5 answers · asked by zeenat_ul_quran 1 in Business & Finance ➔ Small Business
Unincorporated business owned by a single person is called proprietorship.
The individual proprietor has the right to all the profits from the business and also responsibility for all the liabilities of the business firm.
If the taxpayer is actively involved in the business, the net income of the proprietorship is also subject to self-employment tax.
The word "proprietary" indicates that a party, or proprietor, exercises private ownership control or use over an item of Property designates those things commonly recognized as the entities in respect of which a person or group has exclusive rights, usually to the exclusion of other parties
2007-08-16 19:26:47 · answer #1 · answered by Anonymous · 0⤊ 0⤋
It is a type of ownership of an enterprise wherein a single person takes care of the ownership, management and control of the enterprise.
2007-08-17 07:46:58 · answer #2 · answered by BHAVYA M 2 · 0⤊ 0⤋
A company which owned & manage 100% by a single person & no partneship is at palce.
2007-08-17 02:17:54 · answer #3 · answered by JAMES 3 · 0⤊ 0⤋
A business of one man.
2007-08-17 10:50:19 · answer #4 · answered by Rana 7 · 0⤊ 0⤋
ownership
2007-08-17 03:07:04 · answer #5 · answered by BATMAN 4 · 0⤊ 0⤋