Sole Proprietorship

As stated in the Partnership and Business Name Law Chapter 116 a sole proprietorship is a business entity where ‘a person can carry out business, either under their real name or a trade name that must be registered in accordance with Chapter 116’.

A Sole Proprietor will receive all the profits of the business and will pay the applicable taxes, such as income tax on the profit. The Sole Proprietor is however also liable for all the debts of the business, as there is no distinction between the individual and the business.