What is a sole Proprietor?
A sole proprietor is an individual who controls and manages a business:
•The business is not a separate legal entity – meaning that the owner and the business are considered as the same entity
•The individual has unlimited liability – meaning that the owner is fully liable for all debts from the company
•They have the sole discretion in decision making
•It is easy and inexpensive to set up
Common examples are taxi drivers, free lancers, tutors