What is another name for a sole proprietorship?
answer:
Another name for a sole proprietorship is a sole trader. The terms “sole proprietorship” and “sole trader” are often used interchangeably and refer to the same type of business structure. A sole trader is an individual who owns and operates a business as a single person. The sole trader is responsible for all aspects of the business, including management, operations, and finances. They are also personally liable for any debts or legal issues related to the business. Since the business is not a separate legal entity, the sole trader reports the business income and expenses on their personal tax return.
