“A sole proprietorship, also known as a sole trader or simply a
proprietorship, is a type of business entity that is owned and
run by one individual and in which there is no legal distinction
between the owner and the business. The owner receives all
profits (subject to taxation specific to the business) and has
unlimited responsibility for all losses and debts. Every asset
of the business is owned by the proprietor and all debts of the
business are the proprietor’s. This means that the owner has no
less liability than if they were acting as an individual instead
of as a business” (Wikipedia). See more on sole proprietor’s
here: SoleProprietor.co.za - Limited and Unlimited Liability –
GCSE Business Studies Revision (mattg99.wordpress.com)