A sole proprietorship, also known as a sole tradership, individual entrepreneurship or proprietorship, is a type of enterprise owned and run by one person and in which there is no legal distinction between the owner and the business entity. A sole trader does not necessarily work alone and may employ other people.
The sole trader receives all profits (subject to taxation specific to the business) and has unlimited responsibility for all losses and debts. Every asset of the business is owned by the proprietor, and all debts of the business are that of the proprietor; the business is not a separate legal entity. The arrangement is a "sole" proprietorship in contrast with a partnership, which has at least two owners.
Sole proprietors may use a trade name or business name other than their or its legal name. They may have to trademark their business name legally if it differs from their own legal name, with the process varying depending upon country of residence.
Registration of a business name for a sole proprietor is generally uncomplicated unless it involves the selection of a name that is fictitious, or assumed. In many countries, the business owner is required to register with the appropriate local authorities, who will determine that the name submitted is not duplicated by another business entity.
The owner may hire employees and enlist the services of independent consultants. Although an employee or consultant may be requested by the owner to complete a specific project, or participate in the company's decision-making process, their contribution to the project or decision is considered a recommendation under the law. Under the legal doctrine respondeat superior (Latin: "let the master answer"), the legal liability for any business decision arising from such a contribution remains upon the owner and cannot be renounced or apportioned.
This is transposed by the unlimited liability attached to a sole proprietary business.
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A company, abbreviated as co., is a legal entity representing an association of people, whether natural, legal or a mixture of both, with a specific objective. Company members share a common purpose and unite to achieve specific, declared goals. Companies take various forms, such as: voluntary associations, which may include nonprofit organizations business entities, whose aim is generating profit financial entities and banks programs or educational institutions A company can be created as a legal person so that the company itself has limited liability as members perform or fail to discharge their duty according to the publicly declared incorporation, or published policy.
Limited liability is a legal status in which a person's financial liability is limited to a fixed sum, most commonly the value of a person's investment in a corporation, company or partnership. If a company that provides limited liability to its investors is sued, then the claimants are generally entitled to collect only against the assets of the company, not the assets of its shareholders or other investors.
A limited liability company (LLC for short) is the United States-specific form of a private limited company. It is a business structure that can combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation. An LLC is not a corporation under state law; it is a legal form of a company that provides limited liability to its owners in many jurisdictions.
The authors recently characterized a series of novel platinum(II) compds. bearing a conserved O,S binding moiety as a bifunctional ligand and evaluated their soln. behavior and antiproliferative properties in vitro against a representative cancer cell line ...