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What is a sole proprietorship?

A sole proprietorship refers to an individual who owns a business in his/her personal name, or operates through a trade name. The business income is considered the same as the owner's personal income for tax purposes and are both included in an individual’s tax return. Business expenses and losses are deductible and a proprietor is personally responsible for all debts or liabilities of the business.

Brantford Office

20 Wellington St., P.O. Box 1510
Brantford, ON N3T 5V6
t 519.759.6220
f 519.759.8360
law@waterousholden.com

Paris Office

7 William St.
Paris, ON N3L 1K6
t 519.442.5571
f 519.442.5567

Proudly Serving our community for over 90 years

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