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A sole proprietorship, also known as a sole tradership, individual entrepreneurship or proprietorship, is a type of enterprise owned and run by only one person and in which there is no legal distinction between the owner and the business entity. [1] A sole trader does not necessarily work alone and may employ other people. [2]
sole trader: must be a natural person e.c. (egyéni cég) sole venture: a company registered by and consisting of one sole trader bt. (betéti társaság) limited partnership: requires one general partner with unlimited liability and one or more members with limited liability kkt. (közkereseti társaság) general partnership
LLC stands for "limited liability company," which is a business structure that combines the pass-through taxation of a sole protectorship with the limited liability of a corporation.
Specifically, a limited company is a "company in which the liability of each shareholder is limited to the amount individually invested" with corporations being "the most common example of a limited company." [13] This type of company is common in England and many English-speaking countries. A company limited by shares may be a
Sole traders have unlimited liability, which means that the law does not see them as separate from their business and there is no difference from the money of the business and that of the sole trader; meaning that if the business occurs debts, then so does the owner.
The most common and traditional unincorporated entities are sole traders, partnerships, and trustees of trusts. Modern unincorporated entities include limited partnerships (but not incorporated limited partnerships), limited liability partnerships (but not UK Limited Liability Partnerships, which are corporations), Limited liability limited partnerships, and limited liability companies.
In certain U.S. states (for example, Texas), businesses that provide professional services requiring a state professional license, such as legal or medical services, may not be allowed to form an LLC but may be required to form a similar entity called a professional limited liability company (PLLC). [4] An LLC is a hybrid legal entity having ...
Small businesses in the Central Zone of São Paulo. Researchers and analysts of small or owner-managed businesses generally behave as if nominal organizational forms (e.g., partnership, sole-trader, or corporation), and the consequent legal and accounting boundaries of owner-managed firms are consistently meaningful.