As the sole owner, the proprietor has complete control and decision-making authority over the business. They are responsible for providing the necessary capital, managing day-to-day operations, making strategic business decisions, and assuming all legal and financial obligations of the enterprise.

A proprietor is entitled to all the profits generated by the business but also bears the full burden of any losses or liabilities. They may choose to reinvest profits back into the business or take them as personal income. Additionally, the proprietor is personally liable for any debts or legal obligations of the business, which means their personal assets may be at risk in the event of financial difficulties or legal claims against the business.

In summary, a proprietor is an individual who owns and operates a business as a sole owner. They assume full control, responsibility, and liability for the business’s operations, making all decisions and reaping the rewards or consequences of their entrepreneurial endeavors.