A soleproprietorship, also known as a sole tradership, individual entrepreneurship or proprietorship, is a type of enterprise owned and run by only one person and in which there is no legal distinction between the owner and the business entity. What’s better than watching videos from Alanis Business Academy? Doing so with a delicious cup of freshly brewed premium coffee. You’ve just donebusiness with a soleproprietorship. While the dream you have for your business may be grander than a neighborhood refreshment stand, a soleproprietorbusiness structure may be well-suited for getting you up and running quickly and easily. Businessowner: Businessowners can also be self-employed soleproprietors. Unlike contractors, there is much more autonomy in how the work is completed for clients. The operation itself may even be more complex with employees and/or intellectual property. A soleproprietorshipbusinessworks by the businessowner handling all the business activities.A Complete Guide to Starting aBusiness in India from the United States. As a soleproprietor, the businessowner reports their business income and expenses on their individual tax return. This means you’ll pay business profits at your personal tax rate—and are responsible for paying self-employment taxes. A soleproprietorship is abusiness with one owner who operates the business. A soleproprietorship is not a separate legal entity. This means the owner is solely responsible for the business’s debts, obligations, and liabilities. No legal separation between owner and business.