Sole Proprietorships

Buy-and-Sell Agreement
A buy-and-sell agreement is a strategic approach utilized in sole proprietorships, partnerships, and close corporations to safeguard the continuity of the business upon the death or disability of a proprietor, partner, or shareholder. Such agreements involve selling the business interests to remaining members according to a predetermined formula.
Proprietorship Income
In tax law, proprietorship income refers to the income earned within businesses that are sole proprietorships (owned by one person and not incorporated).

Accounting Terms Lexicon

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