Skip to content
Tips to take care of your money every day
  • Home
  • About Us
  • Agenda
  • Investment
  • Money
    • Economics
    • Business
    • Savings
    • Finance
    • Credits
  • Contact Us
sole-proprietorship

Sole proprietorship

June 30, 2021May 22, 2021 by Isabella

Table of Contents

  • What are sole proprietorships?
  • Is a legal person created then?
  • What are the requirements for the sole proprietorship?
  • What is the scope of responsibility of the sole proprietorship?
  • Can a sole proprietorship be converted into a company?
  • Can a company be converted into a sole proprietorship?
  • How is sole proprietorship dissolved?

Entrepreneurship is a quality that many people have who seek independence and the realization of their dreams, which often converges in the establishment of a company. But setting up a company had always been a matter of many requirements and solemnities under the forms of companies, and today possibilities such as sole proprietorships have opened up. In this article we will explain everything about this legal figure that can help you with your plans.

What are sole proprietorships?

It is a commercial figure created from article 71 of Law 222 of 1995 that establishes that through the Sole proprietorship a natural or legal person that meets the qualities required to carry out business, may allocate part of its assets for the realization of one or various commercial activities.

Is a legal person created then?

Yes. The sole proprietorship, once registered in the commercial register, forms a legal entity.

What are the requirements for the sole proprietorship?

It will be created through a written document, which will contain:

  1. Name, identity document, address and address of the employer.
  2. Name or trade name of the company, followed by the expression “Sole Proprietorship”.
  3. The domicile.
  4. The term of duration, if it is not indefinite.
  5. A clear and complete statement of the main activities, unless it is stated that the company may carry out any lawful act of commerce.
  6. The amount of the capital making a detailed description of the contributed goods, with an estimate of their value. The employer will respond for the value assigned to the goods in the constitutive document.

When the assets destined for the sole proprietorship comprise assets whose transfer requires a public deed, the incorporation of the company must be done in the same way and also registered in the corresponding registries.

  1. The number of shares of equal nominal value into which the capital of the company will be divided.
  2. The form of administration and the name, identity document and the powers of its administrators. In the absence of stipulations, it will be understood that the administrators may carry out all the acts, included within the planned activities

What is the scope of responsibility of the sole proprietorship?

For liability purposes, the parameters of limited liability companies are followed .

Can a sole proprietorship be converted into a company?

Yes, if at any time one of the parts of the company is transferred or a number of partners is constituted, they will have six months to make the respective transition. Bylaws should be created depending on the type of company that is adopted. These must be raised to a public deed that will be granted by all partners and registered in the commercial register. The new company will assume, without interruption, the rights and obligations of the sole proprietorship.

Can a company be converted into a sole proprietorship?

Yes, if the case arises where only one partner is left in charge of all the shares of the company, then it will become a sole proprietorship. For this, it is necessary that it be solemnized by public deed and registered in the commercial register within six months of dissolution.

How is sole proprietorship dissolved?

The reasons for dissolving it are the following:

  1. By will of the owner of the company,
  2. By expiration of the foreseen term, if any, unless it is extended by means of a document registered in the commercial register before its expiration.
  3. Due to the death of the constituent when this has been expressly stipulated in the act of incorporation of the sole proprietorship or in its reforms.
  4. Due to the impossibility of carrying out the planned activities.
  5. By order of the competent authority.
  6. For losses that reduce the equity of the company by more than fifty percent.
  7. For the initiation of the compulsory liquidation process.
Categories Commercial Law, Company Constitution Tags A Business Owned By A Single Owner Is Called A, A Business Owned By One Person, A Business Owned By One Person Is Called, A Key Advantage Of A Sole Proprietorship Is That, A Person Needs To, A Proprietor, A Proprietorship, A Proprietorship Is, A Proprietorship Is A Business, A Proprietorship Is A Business Owned And Managed By A Single Person, A Sole Proprietor, A Sole Proprietor Is Considered A Separate Legal Entity., A Sole Proprietor Pays Personal And Business Income Taxes On The Business’s Profits., A Sole Proprietorship, A Sole Proprietorship Business Has, A Sole Proprietorship Is, A Sole Proprietorship Is A Business Owned By, A Sole Proprietorship Is A Legal Entity Separate From Its Owner., A Sole Proprietorship Is A Popular Form Of Business Because, Accounting For Sole Proprietor, Accounting For Sole Proprietorship, An Unincorporated Business Owned By Two Or More Persons, As A Sole Proprietor, Business Defined, Business Definition, Business Definitions, Business Proprietor, Business Sole Proprietorship, Businesses Define, Companies That Are Sole Proprietorship, Coproprietorship, Define Bussiness, Define Propietor, Define Proprietor, Define Proprietorship, Define Proprietorships, Define Sole Partnership, Define Sole Proprietor, Define Sole Proprietorship, Define Sole Proprietorship In Economics, Define Sole Proprietorships, Define Sole Provider, Define Sole Trader, Define Solely, Define:business, Define:proprietor, Definetion Of Business, Definition For Proprietor, Definition Of A Business, Definition Of A Proprietor, Definition Of A Proprietorship, Definition Of A Sole Proprietor, Definition Of A Sole Proprietorship, Definition Of Business, Definition Of Proprietorship, Definition Of Sole Partnership, Definition Of Sole Proprietor, Definition Of Sole Proprietorship, Definition Proprietor, Definition Proprietorship, Definition Sole Proprietor, Definition Sole Proprietorship, Definition Sole Trader, Describe Sole Proprietorship, Difference Between Individual And Sole Proprietorship, Difference Between Sole Proprietorship And Corporation, Difination Of Business, Economics Sole Proprietorship, Establish Sole Proprietorship, Examples Of A Sole Proprietorship, Examples Of Sole Proprietors, Examples Of Sole Proprietorship Businesses, Examples Of Sole Traders, Explain Sole Proprietorship, Famous Sole Proprietorship, Famous Sole Proprietorship Businesses, Famous Sole Proprietorships, For Sole Proprietorship, For Which Are Sole Proprietors Completely Responsible, Full Proprietorship, Give Examples Of Sole Proprietorship, How Can A Proprietorship Or Partnership Raise Funds For Expansion?, How Do A Sole Proprietorship And A Corporation Differ?, How Do You Spell Proprietor, How Many Owners Does A Sole Proprietorship Have, How To Start Sole Proprietorship, Identify The Characteristics And Organization Of The Sole Proprietorship, If Any, If I Have A Sole Proprietorship, In A Partnership Form Of Organization, In A Sole Proprietorship, In Sole Proprietorship, Income Tax Liability, Individual Business Definition, Individual Business Owner, Individual Or Sole Proprietor, Individual Proprietorship, Individual Proprietorship Definition, Individual Sole Proprietor, Individual Sole Proprietor Definition, Individual Sole Proprietor Meaning, Individual Vs Sole Proprietor, Individual Vs Sole Proprietorship, Individual/sole Proprietorship, Is A Sole Proprietorship, Is A Sole Proprietorship A Business Entity, Is A Sole Proprietorship A Company, Is A Sole Proprietorship A Corporation, Is A Sole Proprietorship A Legal Entity, Is A Sole Proprietorship A Small Business, Is Incurred By:, Is Sole Proprietorship A Corporation, Is Sole Proprietorship A Legal Entity, It Is Usually Easy To Start And End A Sole Proprietorship., Liability Of Sole Proprietorship, Limited Liability Sole Proprietorship, List Of Sole Proprietorships Companies, Local Sole Proprietorships, Meaning Of Sole Proprietor, Meaning Of Sole Proprietorship, One Person Business Called, Owner Proprietor, Partnership Sole Proprietorship, Partnership Vs.sole Proprietor, Popular Sole Proprietorships, Propiertorship, Propietership, Propietors, Propietorship, Propriator, Proprietership, Proprietor Def, Proprietor Define, Proprietor Meaning, Proprietor Name, Proprietors, Proprietors Definition, Proprietorship, Proprietorship Account, Proprietorship Business, Proprietorship Business Definition, Proprietorship Business Examples, Proprietorship Company, Proprietorship Def, Proprietorship Define, Proprietorship Definition, Proprietorship Examples, Proprietorship Form Of Business Organization, Proprietorship Is A Business Owned And Managed By A Single Person, Proprietorship Liability, Proprietorship Meaning, Proprietorships, Proprietorships Definition, Propritorship, Sale Proprietorship, Section 1 Sole Proprietorships Answers, Self Proprietor, Self Proprietor Business, Self Proprietor Definition, Self Proprietorship, Single Owned Business, Single Owner, Single Owner Business, Single Owner Company, Single Ownership, Single Ownership Business, Single Proprietor, Single Proprietorship, Single Proprietorship Definition, Small Business Sole Proprietor, Small Business Sole Proprietorship, Sole Business, Sole Business Owner, Sole Business Ownership, Sole Businesses, Sole Company, Sole Definition, Sole Enterprise, Sole Entity, Sole Entrepreneur, Sole Entrepreneurship, Sole Entrepreneurship Definition, Sole Operator, Sole Owner, Sole Owner Definition, Sole Owner Meaning, Sole Ownership, Sole Ownership Definition, Sole P, Sole Partnership Business, Sole Partnership Examples, Sole Pr, Sole Priority, Sole Priority Ship, Sole Prop, Sole Propertier, Sole Properties, Sole Property, Sole Propiertor, Sole Propiertorship, Sole Propieter, Sole Propietor, Sole Propietorship, Sole Propreitor, Sole Propreitorship, Sole Propri, Sole Propriator, Sole Propriatorship, Sole Proprie, Sole Propriertership, Sole Proprietary, Sole Proprietary Business, Sole Proprieter, Sole Proprietership, Sole Proprieto, Sole Proprietor, Sole Proprietor Accounting, Sole Proprietor Business, Sole Proprietor Business Examples, Sole Proprietor Businesses, Sole Proprietor Businesses Examples, Sole Proprietor Company, Sole Proprietor Definition, Sole Proprietor Liability, Sole Proprietor Meaning, Sole Proprietor Means, Sole Proprietor Name, Sole Proprietor Partnership Corporation, Sole Proprietor Vs Partnership, Sole Proprietor Wiki, Sole Proprietors, Sole Proprietors Definition, Sole Proprietors Have For The Debts Of Their Companies, Sole Proprietorship, Sole Proprietorship Accounting, Sole Proprietorship Article, Sole Proprietorship Articles, Sole Proprietorship Business, Sole Proprietorship Business Definition, Sole Proprietorship Business Examples, Sole Proprietorship Business Structure, Sole Proprietorship Businesses, Sole Proprietorship Businesses Examples, Sole Proprietorship Companies, Sole Proprietorship Company, Sole Proprietorship Company Examples, Sole Proprietorship Corporation, Sole Proprietorship Def, Sole Proprietorship Define, Sole Proprietorship Defined, Sole Proprietorship Definition, Sole Proprietorship Definition Advantages And Disadvantages, Sole Proprietorship Definition Economics, Sole Proprietorship Description, Sole Proprietorship Economics Definition, Sole Proprietorship Example, Sole Proprietorship Example Company, Sole Proprietorship Examples Business, Sole Proprietorship Examples In Usa, Sole Proprietorship Form Of Business, Sole Proprietorship In A Sentence, Sole Proprietorship Information, Sole Proprietorship Investopedia, Sole Proprietorship Liabilities, Sole Proprietorship Liability, Sole Proprietorship Limited Liability, Sole Proprietorship Meaning, Sole Proprietorship Or Corporation, Sole Proprietorship Organization, Sole Proprietorship Owned And Managed By, Sole Proprietorship Owner, Sole Proprietorship Ownership, Sole Proprietorship Structure, Sole Proprietorship Taxes, Sole Proprietorship とは, Sole Proprietorships, Sole Proprietorships Are Owned By, Sole Proprietorships Are Typically Small Businesses That, Sole Proprietorships Definition, Sole Proprietorships Examples, Sole Proprietry, Sole Propriety, Sole Propriortorship, Sole Propriotor, Sole Propriotorship, Sole Propritership, Sole Propritor, Sole Propritorship, Sole Provider Meaning, Sole Trader, Sole Trader Business, Sole Trader Company, Sole Trader Define, Sole Trader Definition, Sole Trader Definitions, Sole Trader Meaning, Sole Trader Usa, Sole Traders, Sole Trading, Solepro, Soleproprietor, Soletrader Businesses, Soletrader Definition, Solo Proprietorship, Soul Proprietor, Soul Proprietors, Soul Proprietorship Definition, Start A Sole Proprietorship, Start Sole Proprietorship, The Characteristics And Organization Of The Sole Proprietorship, The Income Earned By Sole Proprietorships Is, The Income Earned In Sole Proprietorships Is, The Most Prominent Form Of A Business Organization Is A Sole Proprietorship., The Owner Must, The Owner Of A Sole Proprietorship, The Owner Of A Sole Proprietorship Has, The Owner Of A Sole Proprietorship Has Liability, The Owners Of Sole Proprietorships And Partnerships Have, The Profits Earned By The Business Are, The Profits Of A Sole Proprietorship Are Taxed As The Personal Income Of The Owner., The Proprietorship Form Of Business Organization, The Simplest Form Of Business Is A Sole Proprietorship, The Sole Firm, The Sole Owner, The Sole Proprietor, The Sole Proprietorship, The Sole Proprietorship Form Of Business Organization, This Is A Business, To Close A Sole Proprietorship, To Establish A Sole Proprietorship, Types Of Business Sole Proprietorship, Types Of Businesses Sole Proprietorship, Types Of Sole Proprietor Business, Types Of Sole Proprietorship, Types Of Sole Proprietorship Business, Types Of Sole Proprietorship Businesses, Types Of Sole Proprietorships, Unincorporated Business, Unincorporated Business Definition, Unincorporated Sole Proprietorship, What A Sole, What A Sole Proprietorship Business, What Are Business, What Are Proprietorships, What Are Sole Proprietors, What Are Sole Proprietorships, What Are Some Sole Proprietorship Businesses, What Business Is A Sole Proprietorship, What Defines A Business, What Do Both Sole Proprietorships And Partnerships Lack?, What Does A Sole Proprietor Mean, What Does Individual Sole Proprietor Mean, What Does It Mean To Be A Sole Proprietor, What Does Proprietorship Mean, What Does Sole Owner Mean, What Does Sole Proprietor Mean, What Does Sole Proprietor Mean In Business, What Does Sole Proprietor Means, What Does Sole Proprietorship, What Does Sole Proprietorship Mean, What Is A Proprieter, What Is A Proprietership, What Is A Proprietor, What Is A Proprietorship, What Is A Proprietorship Business, What Is A Sole Corporation, What Is A Sole Owner, What Is A Sole Partnership, What Is A Sole Proprietor, What Is A Sole Proprietor Business, What Is A Sole Proprietor Company, What Is A Sole Proprietorship, What Is A Sole Proprietorship Business, What Is A Sole Trader, What Is A Sole Trader Business, What Is An Example Of A Sole Proprietorship, What Is Individual Sole Proprietor, What Is Proprietorship, What Is Sole, What Is Sole Ownership, What Is Sole Partnership, What Is Sole Proprietor, What Is Sole Proprietorship, What Is Sole Proprietorship Business, What Is The Definition Of A Business, What Is The Definition Of Business, What Is The Definition Of Proprietor, What Is The Definition Of Proprietorship, What Is The Definition Of Sole Proprietorship, What Is The Goal Of Financial Management For A Sole Proprietorship?, What Is The Meaning Of Business, What Is The Meaning Of Sole Proprietorship, What Kinds Of Liabilities Are Sole Proprietors Subject To, What's A Proprietor, Whats A Sole Proprietor, Whats A Sole Proprietorship, Whats Sole Proprietorship, Which Is An Example Of A Proprietorship?, Which Of These Is A Disadvantage Of A Sole Proprietorship, Which Of These Statements Is True About A Sole Proprietorship?, Which Sentences Describe Characteristics Of A Sole Proprietorship?, Which Term Is Used To Describe Businesses Owned By A Single Individual?, Who Assumes The Risk In A Sole Proprietorship, Who Controls A Sole Proprietorship, Who Gets The Profits From A Sole Proprietorship, Who Is A Proprietor, Who Is A Sole Proprietor, Who Receives The Profit From A Sole Proprietorship, Why Sole Proprietorship, With Respect To Taxes, With Respect To Taxes The Sole Proprietorship
What is the company name?
What is a family commissioner?

Search Your Topic

Latest Post

  • Bank of America Change Address
  • Wells Fargo Bank Hours
  • Metro PCS Store Locations Near Me
  • How many Stamps for a Manila Envelope
  • USPS hours
  • Burlington Hours
  • Walmart Pharmacy Hours
  • Ross Dress for Less Hours
  • Can you get fired while on leave?
  • What is an unfair dismissal and how to claim
© 2024 Tips to take care of your money every day • Built with GeneratePress