Proprietorship

Pronunciation: /prəˈpraɪətərˌʃɪp/

Proprietorship (noun)

  1. A business owned and run by one person, who is responsible for its debts and profits.
  2. The legal right to own something, including the power to use it, control it, and benefit from it.
  3. The state of being the owner of a business or property.

Examples

  • The proprietorship runs the shop with one owner.
  • A proprietorship can hire workers but keeps one decision-maker.