Sole Proprietorship and Law

approval from a local government entity authorizing the operation of a business

money used by a business to pay operating expenses, invest to expand the business, or take advantage of new opportunities for the business

ability of a business to endure in a consistent form

simplicity in meeting the requirements for beginning and operating a business

unique number issued by the Internal Revenue Service; used to identify a business that has employees

made-up name under which a business intends to operate

responsibility for wrongdoing or act

result of expense incurred by a business that exceeds the income earned by the business

result of income earned by a business that exceeds the expenses incurred by the business

federal income tax form that reports the business income and expenses of an individual or sole proprietor as well as a limited liability company (LLC)

business that has a legal existence that is independent of the owners of the business

tax-deferred pension plan for retirement purposes, available to the self-employed or to unincorporated businesses, allowing them to contribute to individual retirement accounts (IRAs)

unincorporated business that is owned by a single individual

paperwork prescribed by tax laws as the result of specific economic activities, such as paying wages to employees

business that has not followed the formal requirements of law to legally be recognized as a corporation

responsibility of a business owner for the debts or obligations of the business that is not limited to the assets of that business