A sole proprietorship is an unincorporated business that is owned by one individual. The owner of a sole proprietorship has sole responsibility for making decisions, receives all the profits, claims all losses, and does not have separate legal status from the business. If you are a sole proprietor, you also assume all the risks of the business. The risks extend even to your personal property and assets.
If you are a sole proprietor, you pay personal income tax on the net income generated by your business. It is important to understand your tax filing requirements, as they differ from the taxes of a regular individual/employee of a company.
Do you have a Sole Proprietorship (SP)? 
