A proprietorship is a type of business structure in which an individual, also known as the proprietor, is the sole owner and operator of the business.
In a proprietorship, the proprietor is personally responsible for all aspects of the business, including debts, liabilities, and obligations. This type of business structure is relatively simple to set up and operate, and is ideal for small businesses or sole traders who do not require a separate legal entity to carry out their business activities. The proprietor is entitled to all profits from the business, but also bears the full risk of any losses incurred by the business.
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