An accounting term referring to an individual who operates their professional practice as a sole proprietor, typically applied in fields like accounting, law, or consulting.
A sole proprietor is an individual who owns and operates an unincorporated business alone. Typically, a sole trader refers to an individual in business independently, while a sole practitioner is a professional practicing on their own.
Unlimited liability refers to the legal obligation of a business owner or partners to pay all debts and liabilities incurred by the business, potentially using personal assets.
