1) Ownership 2) Proprietary 1) Ownership 
• (n.) The state of being proprietor; ownership.
An unincorporated business that is owned and operated by only one person who has complete liability for all assets, and complete rights to all profits.
A business owned by one person.
An unincorporated business that is owned and operated by only one person who has complete liability
Pro·pri'e·tor·ship noun The state of being proprietor; ownership. 
See: sole proprietorship
[n] - an unincorporated business owned by a single person who is responsible for its liabilities and entitled to its profits
proprietary noun an unincorporated business owned by a single person who is responsible for its liabilities and entitled to its profits
- Business owned by an individual without the limited liability protection of a CORPORATION or a LIMITED LIABILITY COMPANY (LLC). Also known as sole proprietorship.
The most common legal form of business ownership; about 85 percent of all small businesses are proprietorships. The liability of the owner is unlimited in this form of ownership.
A sole proprietorship, often called a sole prop, is a form of business that is owned by a single person and not incorporated. No legal paperwork needs to be filed and no legal requirements need to be met in order to start a sole prop. Basically, as soon as a person starts selling goods or services by himself or herself, he is deemed to be a sole pr...