An unincorporated business that is owned and managed by one person. In some cases a husband/wife combination is still considered a sole proprietorship, though otherwise more than one is considered a partnership.

 

"I run a small restaurant as a sole proprietorship as I don't feel I need the liability protections offered by incorporation."

 

"Most small businesses are sole proprietorships."

 

"My wife and I formed our craft business as a sole proprietorship."

 

"As a sole proprietorship, your personal finance is the same as your business in terms of taxation. "