A simple business structure where the individual owner and the business are considered a single entity for tax and legal purposes.
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Glossary Term: Sole Proprietorship
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The legal and financial framework under which a short-term rental property is owned, such as sole proprietorship, partnership, or LLC.
The legal framework under which a business operates, such as a sole proprietorship, partnership, limited liability company (LLC), or corporation. Choosing the right business structure for a short-term rental business has implications for liability, taxation, and administrative requirements.