Sole Proprietorship Definition The sole proprietorship definition is a private business owned and operated by one individual. Furthermore, a proprietorship is unincorporated and is not a legal entity separate from its owner. As a result, the owner earns all of the profits and incurs all of the losses from business operations. Therefore, the sole proprietor
See Also: Pension Plans Keogh Plan Credit Life Insurance 401k Individual Retirement Account (IRA) Revocable Trust Definition A revocable trust is an agreement between a grantor and trustee where it transfers profit generating assets to the trustee. However, the grantor is still able to generate income from the assets. The grantor is also able to
See Also: Bankruptcy Costs Chapter 11 Bankruptcy Bankruptcy Code Chapter 12 Bankruptcy Bankruptcy Courts Bankruptcy Information Chapter 7 Bankruptcy Bankruptcy Chapter 13 Bankruptcy Chapter 13 is a type of bankruptcy proceeding outlined in the Bankruptcy Code. Furthermore, Chapter 13 is a financial reorganization procedure that applies to individual consumers and sole proprietorships. When a financially
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