Legal Definition of Sole proprietorship: An unincorporated business owned entirely by one person, who is also solely responsible for all of its debts | Gain a clear understanding of the legal definition of sole proprietorship through this informative article. Discover the responsibilities that come with owning an unincorporated business and how it differs from other business structures. Learn how to manage finances, minimize financial risks, and navigate legal and regulatory requirements as a sole proprietor. Lay a strong foundation for your business’s success by understanding the importance of sole proprietorship. Click now to learn more