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sole proprietorship

A sole proprietorship is a business owned by one person.* The owner takes all the profits or losses of the business and is liable for all its obligations. Sole proprietorships represent the largest number of businesses, but typically they are the smallest in size.

Ethical Financial Reporting

Ethics is a code of conduct that applies to everyday life. It addresses the question of whether actions are right or wrong. Actions—whether ethical or unethical, right or wrong—are the product of individual decisions. Thus, when an organization acts unethically by using false advertising, cheating customers, polluting the environment, or treating employees unfairly, it is not the organization that is responsible—it is the members of management and other employees who have made a conscious decision to act in this manner.