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ASHA 777 [7]
4 years ago
5

What is the difference between sole proprietor and self employed

Business
1 answer:
Kitty [74]4 years ago
5 0

Answer:

Self Employed is the person working in a self owned business. Sole Proprietor is a person solely owning, managing a business.

Explanation:

Self Employment is the term used to depict <u>economic activity</u> of working for self owned organisation, rather than working for someone else. The self owned organisation could be entirely (solely) self owned - sole proprietorship, or co-owned by partners in a limited liability partnership

Sole Proprietor is a business entity owned, managed, run by a single entrepreneur. It is a business legal term given to an <u>economic organisation. </u>In this case, the proprietor necessarily has unlimited liability towards firm's claims. However, its not so always in case of self employment in LLC

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