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Glossary   >   S   >   "Sole proprietorship" Definition            Sole proprietorship A business owned by a single individual. The sole proprietorship pays no corporate income tax but has unlimited liability for business debts and obligations. Glossary    Dictionary Search (powered by Google) WWW ITLOCUS.COM GLOSSARY.ITLOCUS.COM Translate a web page (powered by Google)      to German Spanish French Italian Portuguese Japanese Korean Chinese

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Sole proprietorship - A business owned by a single individual. The sole proprietorship pays no corporate income tax but has unlimited liability for business debts and obligations.