Proprietorship, also known as a sole proprietorship, is a type of business ownership structure where a business is owned and operated by a single individual.

In a proprietorship, the owner has complete control over the business and makes all the decisions regarding its operations. They contribute the capital, manage the day-to-day activities, assume all the risks and liabilities, and are entitled to all the profits generated by the business. The owner’s personal assets are not legally distinct from the business assets, meaning they are personally liable for any debts or obligations of the business.