A business owned by a single individual. A sole proprietor pays no corporate income tax but has unlimited liability for business debts and obligations. Bloomberg Financial Dictionary
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sole proprietorship UK US noun [C] (also sole propietor company) LAW
► a business that is owned and operated by only one person: »
A sole proprietorship is owned by one person who reports the profits on a personal income-tax return.
Financial and business terms. 2012.