Sole proprietorship

A Sole Proprietorship is a type of unincorporated business owned by a single person sand not registered as a corporation. Its profits, debts and taxes are all the financial responsibility of the sole person who is the owner. The owner pays personal income tax on profits earned from the business and is solely responsible for all debts of the business. This means that if they have financial problems it is possible for them to lose their own money or even their house.