SOLE PROPRIETOR Definition

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SOLE PROPRIETOR is an individual who owns a business as opposed to stock in a corporation. A sole proprietor pays no corporate income tax but has unlimited liability for his/her business debts and obligations. See SOLE PROPRIERTORSHIP.

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FIRM is members of a business organization that owns or operates one or more establishments, e.g. a legal or accounting firm.

FULL COSTING see ABSORPTION COSTING.

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