Sole Proprietorship Sole Proprietorship Forming a Sole Proprietorship.
Sole proprietorships are the most common and simple form of business organization.
They are formed by persons who own all or most of the business property and assets. A sole proprietorship, as its name states, has only one owner. As the only owner, the sole proprietor has the right to make all the management decisions of the business. In addition, all the profits of the business are his. All the debts of the business, including debts on contracts signed only in the name of the business, are his debts.