Asoleproprietorship, also known as asole tradership, individual entrepreneurship or proprietorship, is a type of enterprise owned and run by only one person and in which there is no legal distinction between the owner and the business entity. A corporation is abusiness entity that is legally separate from its owners.SoleProprietorship:Files taxes on Schedule C (Form 1040) of the owner's personal tax return. The income from the soleproprietor is taxed at the owner's personal rate. Deciding between soleproprietorship or incorporation (Sdn Bhd). Startingabusiness is no easy feat. Should you be aSoleProprietor or LLC? There are some soleproprietorshipprosandcons to consider, including responsibilities to fulfil, paperwork to file, and possible legal liabilities. Understanding these will help you determine whether asoleproprietorship or an alternative business structure is most relevant for you. SoleProprietorship: What It Is, Pros & Cons, and Differences From an LLC. Asoleproprietorship occurs when someone does business activities but doesn’t register as another kind of business. There is no separate business entity, meaning there is no distinction between the businessowner’s personal and professional assets and liabilities. Soleproprietorship is a popular business structure that offers entrepreneurs a mix of benefits and drawbacks. On the plus side, it is easy to establish and operate, providing unlimited personal autonomy and minimal startup costs.