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Business Start Up

June 7, 2012

Sole Proprietorships (Part 1) – Introduction and General Talking Points


Sole Proprietorships (Part 1) – Introduction and General Talking Points 

This article will be the first editorial of a series that Amanda and I will compose in an effort to identify, explain, and/or answer concerns regarding Sole Proprietorships.

Of course, we would encourage all questions, insights, thoughts, and commentary as appropriate.


The purpose and goal of this editorial is to discuss and explain:

  • What is a Sole Proprietorship
  • General Talking Points Re: Sole Proprietorships


What is a Sole Proprietorship? 

To begin with, let us discuss the first talking point –

What exactly is a Sole Proprietorship? 

Interestingly enough, Sole is derived from the Latin term Solus, and is defined generally as individual; working without interference or assistance; and belonging, granted or attributed to one person (ref: National Dictionary – Including a Practical Guide to Business English, 1936).

Proprietorship is believed to be an alteration of Middle English Proprietarie, and is commonly defined as one who has the legal right or exclusive title to anything (ref: Webster’s New Collegiate Dictionary, 1953).

Sole Proprietorship is a business or financial venture that is carried on by a single person and is not a trust or corporation (ref: Dictionary of Business Terms, 2000) – in other words, it is a single owner operation.


General Talking Points Re: Sole Proprietorships

  • The owner does not pay income tax separately for the company, but he/she reports business income or losses on his/her individual income tax return.
  • The owner is inseparable from the sole proprietorship, so he/she is liable for any business debts.
  • A sole proprietorship is a business of one without corporation or limited liability status.
  • The individual represents the company legally and fully.
  • Common proprietorship structures include part-time businesses, direct sellers, new start-ups, contractors, and consultants.


Again, these are just some major talking points, and we are always welcome to comments and suggestions.


As always, we wish to thank the individuals who read this and we are hopeful you were able to gain a little more knowledge and insight.

Originally posted - archived here as a resource for entrepreneurs.

About the Author

Joe Soltis is the Owner of Soltis Consulting - a full service business and computer consulting firm specializing in assisting the small business target market in developing streamlined business operations using systematic processes and automated system implementation. With over 25 years of business experience on both the corporate and private sectors, Joe and his firm will help with overseeing the day-to-day operations of their clients' businesses as well as the integration of internal components of the business as well as focusing on the techniques and tools needed to develop new business.



Sole Proprietorships (Part 2) – Deciding on a Business Name

Sole Proprietorships (Part 2A) – Deciding on a Business Name This article is the 2nd editorial of a series that Amanda and I will compose in an effort to identify, explain, and/or answer concerns regarding Sole Proprietorship...
by JoeSoltis


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