Search results
- Dictionaryproprietorship/prəˈprʌɪətəʃɪp/
noun
- 1. the state or right of owning a business or holding property: "the company was established in 1912 and is still under the proprietorship of the same family"
Powered by Oxford Dictionaries
People also ask
What is a proprietorship in business?
What does proprietor mean?
What does proprietary mean?
What is a sole proprietorship & how does it work?
What is proprietorship over sthzimbabwe?
What percentage of firms are sole proprietorships?
Proprietorship is the state or fact of being a proprietor, or the ownership of a business or a colony. Learn more about the word history, synonyms, examples, and legal definition of proprietorship.
- Overview
- Payment of taxes on business income
- Registration for GST/HST
- Forms and publications
- Related links
On this page:
A sole proprietorship is an unincorporated business that is owned by one individual. It is the simplest kind of business structure.
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.
You may choose to register a business name or operate under your own name or both.
If you operate as an individual, just bill your customers or clients in your own name. If you operate under a registered business name, bill your clients and customers in the business's name. If your business has a name other than your own, you'll need a separate bank account to process cheques payable to your business.
A sole proprietor pays taxes by reporting income (or loss) on a T1 income tax and benefit return.
If you are a sole proprietor, you or your authorized representative have to file a T1 return if you:
•have to pay tax for the year
•disposed of a capital property or had a taxable capital gain in the year
•have to make Canada Pension Plan/Quebec Pension Plan (CPP/QPP) payments on self-employed earnings or pensionable earnings for the year
•want to access employment insurance (EI) special benefits for self-employed persons
As a sole proprietor, you may be required to register for the goods and services tax/harmonized sales tax (GST/HST) if you provide taxable supplies in Canada.
For more information, go to GST/HST or consult guide RC4022, General Information for GST/HST Registrants.
•Guide T4002, Self-employed Business, Professional, Commission, Farming, and Fishing Income
Proprietorship is the situation of owning something or a legal form for a small company in some countries. Learn more about the meaning, usage and examples of proprietorship from the Cambridge Dictionary.
Proprietorship is the formal term for being the owner of a business or a hotel. Learn how to pronounce, use and contrast this word with other related terms in the Oxford Advanced Learner's Dictionary.
Proprietorship is the legal ownership and management of a business or property by a single person. Learn the meaning, synonyms, antonyms, and translations of proprietorship from various sources.
Nov 5, 2024 · noun. an unincorporated business owned by a single person who is responsible for its liabilities and entitled to its profits. synonyms: proprietary. see more.
A proprietor is a person who owns and usually manages a business, such as a hotel, a shop, or a newspaper. Learn more about the meaning, pronunciation, and usage of the word proprietor with examples and synonyms.
