PROPRIETORSHIP: One of the three basic forms of business organization (the other two corporation and partnership). It's a business that's owned and operated by one person. The owner and the business are legally considered one and the same. As such, the owner gets any and all profit and has what is termed unlimited liability the owner is held personally responsible for any and all of the business's debts. The owner can lose personal property over and above the amount invested in the business itself. The majority of businesses in our economy are proprietorships, but because their size is limited by the resources of a single person, they tend to be relatively small.

     See also | firm | business | corporation | partnership | limited liability | unlimited liability | small business |

PROPRIETORSHIP, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: January 20, 2025].

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Deposit accounts offered by commercial banks, credit unions, savings and loan associations, and mutual savings banks that automatically transfer funds from interest-paying savings account to checking accounts when needed to process checks or to maintain minimum balances. Automatic transfer service (ATS) accounts effectively function as interest-paying checking accounts and are considered as one type of checkable deposits. Other checkable deposits are demand deposits (standard checking accounts), negotiable order of withdrawal (NOW) accounts, and share draft accounts.

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