Series 7: 14.2.5 Sole Proprietorship Accounts

14.2.5  Sole Proprietorship Accounts

A sole proprietorship is a privately owned business run by one individual, with no distinction between the business and the owner. The owner is entitled to all profits and is responsible for all the business’s debts, losses, and liabilities. A sole proprietorship account is a low transaction volume account, much like an individual account.